GlobalOnePay, a division of Pivotal Payments offering global omni-channel payment processing technologies and merchant services, announced today that it has expanded its UnionPay online solutions with PIN debit acceptance.
This provides its eCommerce clients access to potentially over 6 billion UnionPay cards across the globe, 90% more than processors offering credit card acceptance alone. As a Principal Member of UnionPay International, the world's fastest growing bankcard association, GlobalOnePay delivers direct connectivity into China, the world’s largest online retail market.
UnionPay Credit vs. PIN Debit
There are more UnionPay debit and credit cards in circulation than those from Visa and MasterCard combined. However, UnionPay credit cards make up only 10% of overall cards issued. GlobalOnePay offers a full-service implementation of UnionPay credit and PIN debit, including full integration, robust online reporting and dedicated support.
"By enabling credit and PIN debit UnionPay acceptance, merchants on the GlobalOnePay platform have access to millions of potential new clients without requiring any foreign infrastructure setup," said John Hughes, general manager of GlobalOnePay. “It’s a simple, effective way to reach Chinese consumers and tap into the world’s most important eCommerce market.”
Growing Importance of Chinese Cross-Border Commerce
The number of Chinese consumers performing cross-border eCommerce transactions is rapidly growing. In 2016, nearly 20% of online shoppers purchased goods from outside of China. During the same period, over 250 million UnionPay cardholders purchased goods or services online or through mobile devices. UnionPay's high quality, cost effective and secure cross-border payment solutions ensure convenient local services to a growing number of global UnionPay cardholders and merchants.
GlobalOnePay merchant Total Life Changes, which recently started using the enhanced UnionPay capabilities, targets consumers in areas around the world where distribution capabilities exist but have traditionally been underserved by the market. The company, which markets health and wellness products that focus on quality, diversity and customer satisfaction, has been able to expand into more areas globally without the prohibitive costs of opening foreign local offices. Its top markets outside the US include Korea, South Africa, France and Columbia.
"The Chinese market has a large number of potential customers that every company around the world wants to attract," said John Licari, COO of Total Life Changes. "The market is huge from a population standpoint, and as it continues to adopt a Western lifestyle and diet, we feel our products will be of great benefit."
China is the world’s largest and fastest-growing eCommerce market, nearly 80% larger than the United States, and accounts for nearly half of all retail eCommerce sales worldwide. The rising popularity of digital payments over cash in China, coupled with the rapid and dramatic increase in the country's online retail economy, make accepting UnionPay cards a necessity for merchants looking to capitalize in this market.
“The relationship GlobalOnePay provides us has helped improve our business,” continued Licari. “Their speed of implementation and accessibility allow us to focus on our core business, which is providing quality products, while they care of everything payments-related. We are fortunate to say the least.”