SIX Payment Services said that it is taking a stake in UnionPay International Corporation Limited (UPI), which was set up by China UnionPay (CUP) at the end of last year with the aim of more selectively promoting use of the UnionPay card across the globe. Members of the new enterprise include companies from the financial industry throughout the world.
The Zurich, Switzerland-based group, which operates in 25 countries, added that it has promoted acceptance of the UnionPay card since 2006, beginning with automated teller machines (ATMs) in Switzerland and then also points of sale (POS) from 2010. The UnionPay card is very popular with merchants, especially those in the tourism industry and the luxury goods segment.
“We’re proud to be a founding member of UPI and to be actively involved in expanding the use and acceptance of this card,” said SIX’s chief executive officer (CEO), Niklaus Santschi. “While Chinese customers offer huge revenue potential, they also greatly value trust and convenience, which our merchants can provide in full by accepting the UnionPay card.”
The card’s presence is growing as a cashless means of payment across all the country’s social classes. In H112, the Chinese used a debit or credit card to pay for 47.2% of all retail purchases. UPI aims to expand the acceptance of the UnionPay card worldwide and also the service portfolio for cardholders. The ultimate goal is to implement the international strategy: ‘UnionPay cards are accepted everywhere that Chinese travel’. The UnionPay card is already accepted in 135 countries. UPI aims to exploit innovations and enhanced international collaboration to keep pace with developments in the international payments industry, creating a win-win situation for all business partners.
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
Despite being behind the likes of Europe and China, the US payments industry is now rapidly advancing, said Anish Kapoor, CEO of AccessPay told GTNews in an exclusive interview.
Treasurers are more interested in cross-border payments and automation than real-time payments, as they are consistently asked to do more with less, argues Rick Burke, head of corporate payments at TD Bank in an exclusive interview.
The top five sectors Asian fintech investors are interested in are data analytics, blockchain, lending, payments and regtech, according to Gary Hwa, EY regional managing partner.