Fintech and trusted payment service provider Paynetics AD has today announced a partnership with UnionPay International, a subsidiary of China UnionPay, the international card scheme with the world’s largest cardholder base.
The partnership will enable Paynetics to issue cards within the European Economic Area (EEA).
The move responds directly to the growing B2B and B2B2C marketplaces in Europe and demand for a payment network that fits the changing business needs of organisations which operate within the EEA. End-users will be able to access a wider choice of payment functionalities within a single platform, including a cutting-edge digital wallet solution, as well as benefit from a streamlined fee structure.
The partnership will help Paynetics to extend its reach across Europe for both B2B and B2B2C customers. Paynetics brings its deep knowledge of the specific payment requirements of these organisations, as well as its proven track record of supporting Program Managers, to the partnership.
UnionPay will enable Paynetics to expand its suite of payment services to a new range of businesses, from established brands to the next generation of startups, and continue in its mission to simplify payments, as Europe's leading regulated fintech.
Paynetics will issue UnionPay cards across the EEA, beginning in Q1 of 2021. Businesses and individual account users will have access to a multitude of features including cross-border transactions via secure, multi-currency payment solutions.
Paynetics is a regulated e-money institution which is licensed across the EU and is a Principal Member of Mastercard, Visa, SWIFT, and a member of SEPA. It offers next-generation payment technology solutions with an all-encompassing technology stack under one roof, including issuing, acquiring, state of the art payment services, IBANs, money transfers, eWallets, mobile payments and software POS.
Rob Anderson, Managing Director, Paynetics Global commented: “We’re really proud to announce our partnership with UnionPay International as we have now become one of the most comprehensive and far-reaching card issuers in the EEA and have the backing of another of the top card schemes in the world. The milestones in our European expansion are coming thick and fast as we continue to grow rapidly, but it’s still of utmost importance to us that we keep our deep industry knowledge and technical expertise at the heart of what we do, as well as the care we offer to Program Managers around the globe.”
Zhihong Wei, Market Director, UnionPay International, said: “It’s a great pleasure for UnionPay to cooperate with Paynetics, who will provide European companies with a new option of payment card. With a comprehensive acceptance network of online, offline and contactless payment platforms, UnionPay has established a safe, fast and convenient payment environment for cardholders. We are looking forward to bringing a unique card experience to the EEA region.”