Global fintech Wirecard has signed a new memorium of understanding with Chinese-based financial service provider UnionPay.
The “global strategic partnership” is expected to support UnionPay’s ongoing international expansion and Wirecard’s growth in China and with Chinese businesses.
“As the world’s largest card scheme in terms of card issuance, UnionPay will be one of our key alliances in Asia,” commented Georg von Waldenfels, EVP Group Business Development, Wirecard.
“We’re excited about the immense potential this partnership creates for both entities, and to deliver innovative solutions for current and future UnionPay cardholders globally.
“As a major tourist and business destination, China receives hundreds of millions of travelers every year, which means that the scope of our solutions will also address non-Chinese nationals and enable them to pay with UnionPay nationwide.”
UnionPay is considered one of the largest card issuers in the world With over 7.59 billion cards issued under its brand, amounting to 57.6% of the world’s payment cards in circulation according to the Nilson Report.
Through the newfound affiliation, the two will focus on UnionPay’s digital payment global expansion strategy along with “a number of issuing projects” including consumer-oriented products in the form of digital wallets for incoming tourists to China.
“Through our global strategic partnership with Wirecard, we plan to continue driving our international expansion forward,” added Larry Wang, Vice President, UnionPay International.
“We are proud to have an experienced partner in digital financial technology and global payments by our side to provide an even wider range of innovative solutions for UnionPay customers. We look forward to launching our partnership with Wirecard.”