Tuesday, September 17, 2019
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German payment provider Wirecard entersglobal partnership with China's UnionPaySource: Xinhua | 2019-09-17 00:36:05 | Editor: Mu Xuequan
BERLIN, Sept. 16 (Xinhua) -- German payments company Wirecard has signed amemorandum of understanding (MoU) with UnionPay, the world's largest credit and debitcard scheme, to "form a global strategic partnership," Wirecard announced on Monday.
The cooperation of the two financial service companies is set to "expand the globalacceptance of UnionPay as a digital payment method across all channels," according toWirecard.
"As the world's largest card scheme in terms of card issuance, UnionPay will be one of ourkey alliances in Asia," said Georg von Waldenfels, executive vice president of Wirecard'sbusiness development division.
According to the Nilson Report, a U.S. publication that tracks the global credit card industry,UnionPay has issued a total of 7.59 billion payment cards, accounting for 57.6 percent of allcards in circulation worldwide.
Wirecard announced that the partnership was envisaging a number of projects, such aspayout products, fast digital payment services for businesses as well as consumer-orientedproducts like digital wallets for tourists in China.
In a first step, Wirecard and UnionPay are planning to launch additional projects in marketswhere the two companies already work together, such as in the Asia-Pacific region, Europeas well as the United States, according to Wirecard.
"Through our global strategic partnership with Wirecard, we plan to continue driving ourinternational expansion forward," noted Larry Wang, vice president at UnionPayInternational.
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Especially the "point of sale and issuing solutions" are set to merge with the existing onlinepayment businesses of the two companies, Wirecard stated.
In addition, the cooperation is set to establish a "consumer solution" for the upcoming 2022Winter Olympics in China's capital Beijing, which should "take advantage of the largenumber of tourist who will visit the country," according to Wirecard.
"As a major tourist and business destination, China receives hundreds of millions oftravelers every year, which means that the scope of our solutions will also address non-Chinese nationals and enable them to pay with UnionPay nationwide," von Waldenfelsnoted.
In the wake of the announcement, Wirecard shares shot up by more than 1 percent andwere on top of Germany's benchmark DAX stock index midday on Monday local time.
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