Rev Worldwide, a payment products innovations company and global prepaid processor, and UnionPay International, China UnionPay's subsidiary focused on international development, have announced Rev Worldwide is now a UnionPay International registered non-bank third party service provider focused on prepaid products.
The relationship seeks to grow prepaid market opportunities around the world, leveraging Rev's proprietary global processing platform, prepaid product set, program management services, mobile and multi-currency platform innovations, along with UnionPay's international issuer network, leading merchant acceptance network in China, and corporate partnerships.
With this announcement, the parties are now moving forward with making available a robust product menu for issuing banks and other partners interested in next-generation prepaid solutions.
"The collaboration with UnionPay is an important step towards our goal of being the global prepaid platform," said John Mitchell, Chief Executive Officer of Rev Worldwide. "Given UnionPay's history of exponential growth and geographic expansion, we have the opportunity to redefine the prepaid landscape by offering their branded options to banks and other partners looking to capture the category's increasing opportunity," he added.
Rev's proprietary processing platform is currently utilized across the world, responsible for various firsts in the global prepaid industry, and has integrated services that have pushed the travel, mobile and general purpose reloadable segments forward. Beyond its global payments processing capabilities, the company provides key program management services and overall strategic support to partners, allowing them a faster time to market with more flexibility, from product design to implementation and growth.
"We are excited to have found a partner with the product, technology, and depth of prepaid experience Rev brings. By partnering with such a nimble, end-to-end, forward thinking company, we continue to execute on our international development strategy, in which prepaid products play a key role," said Shuan Ghaidan, Director of Products, UnionPay International.
UnionPay has become one of the largest payment card brands in the world, with over 3.5 billion bank cards issued, mostly in China, and with card acceptance in over 140 countries and regions and growing. The Chinese payments giant launched an international arm, UnionPay International, aimed at accelerating its overseas expansion. UnionPay International has issued more than 25 million UnionPay branded cards in above 30 countries and regions, and has partnered with more than 60 domestic and foreign banks.