Wirecard Bank strikes licensing deal with China UnionPay
24 February 2011 | 3231 views | 0
Source: Wirecard Bank
Wirecard Bank AG and China UnionPay Co., LTD, Shanghai (hereinafter referred to as UNIONPAY) have signed a license agreement for online merchant acquiring services.
This cooperation will enable Wirecard Group to provide its Asian business clients a further substantial added value with regards to the availability of further payment methods and when it comes to opening up new markets. As a next step, the cooperation with UNIONPAY will be extended to include Europe.
"We are delighted to have China UnionPay, one of the fastest growing organizations in Asia, as our partner," says Burkhard Ley, CFO at Wirecard AG, adding: "With our interlinked European and Asian merchant acquiring services on offer, we will further expand our international positioning in this field."
UNIONPAY processes payments between banks of merchants and the card issuing banks or credit unions of the purchasers who use the "UnionPay" brand credit, debit and prepaid cards.