Wirecard and UnionPay have signed a Memorandum of Understanding (MoU) to form a global strategic partnership.
The agreement entails UnionPay’s international expansion and Wirecard’s growth in China and with Chinese businesses.
As a result, a clear focus will be expanding the global acceptance of UnionPay as a digital payment method across all channels.
Furthermore, the partnership will launch a number of issuing projects, including corporate solutions such as payout products and SCP. Also, consumer-orientated products such as digital wallets for tourists will be developed.
Initially, the partnership between Wirecard and UnionPay will focus on launching products in Asia-Pacific, Europe, and the US, where the firms have been working together for several years. Point-of-sale and issuing solutions will merge with the existing online payment business.
In addition, a consumer solution is in development for the upcoming 2022 Winter Olympics in Beijing.
“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 at 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 travellers every year, which means that the scope of our solutions will also address non-Chinese nationals and enable them to pay with UnionPay nationwide.”
Larry Wang, Vice President at UnionPay International, added: “Through our global strategic partnership with Wirecard, we plan to continue driving our international expansion forward. 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.”
Wirecard recently signed a Memorandum of Understanding (MOU) with device lifecycle management company Brightstar.
The MOU’s aim was to increase collaboration between the two firms in the digital space. In particular, it focused on consumer lending, payment acceptance processing, and also card issuing.