Global payment provider, Fiserv, Inc., announced Feb. 7 a collaboration with UnionPay to expand its global presence.
The collaboration will allow UnionPay to offer virtual and physical cards worldwide, according to a Fiserv press release.
“Commerce is global, and payment choice regardless of location or geography is pivotal for a positive customer experience,” Suzan Kereere, head of Global Business Solutions at Fiserv said, in the release. “Our expanded relationship with UnionPay will allow more of our merchant clients to accept UnionPay Cards across their global footprint, broadening choice in how their consumers pay for goods, simplifying payments acceptance, and accelerating growth.”
The collaboration will also allow Unionpay to diversify its list of eligible businesses for its card to include those that are outside mainland China, according to the release. The development is also expected to facilitate Unionpay transactions and reduce delivery costs, among other benefits.
“Cooperation with Fiserv is an important step for UnionPay International to innovate its business development model and build a global network and an international brand,” CEO of UnionPay International, Li Xiaofeng, said in the release. “With Fiserv technology, UnionPay has improved its service capabilities for partners outside the Chinese mainland, which will help to further optimize online and in-store acceptance, accelerate business localization, and improve planning for businesses around the world.”
Going forward, UnionPay and Fiserv will deepen cooperation in card issuance and global acceptance and strengthen communication with major organizations that have been enabled on Fiserv platforms in order to facilitate business growth, Xiaofeng added.
UnionPay International is a subsidiary of China Unionpay, according to the release. The organization has partnerships with over 2,500 companies worldwide.
Fiserv is a payment and financial technology company. Account processing, card issuer processing, network services, payments and e-commerce are several areas the organization focuses on, the release stated.