UnionPay International (UPI) and Pecunpay recently announced the launch of the UnionPay card that empowers cardholders with a fully accepted payment method when travelling in China. It is needed to download the app Yi An, available on all major app stores in Spanish, English, and Mandarin, and apply for a debit card either physical or virtual.
Pecunpay is an electronic money institution regulated by the Bank of Spain that provides technology and services to companies to enable their development in payment systems based on issuing cards under a white label system to which the specific tailored functions of each group are added, as well as purchase solutions either in the physical or the virtual world.
Latest Fintech News: Bankjoy Unveils Business Banking 2.0 Platform
Yang Shengliang, Co-head of UnionPay International Europe Branch., said: “We are delighted to cooperate with Pecunpay to offer smoother payment solutions to Spanish travelers in China. UnionPay card will provide tourists and businesspeople who regularly travel to China with access to the fast and secure environment fully supported by the UnionPay payment network, making payment hassles for travelers in the country a thing of the past.”
According to Statista, the adoption rate of mobile payment among mobile internet users in China was over 85 percent in 2022, covering 911 million users with mobile payment penetration rate reaching almost 90 percent among urbanites, and a transaction volume exceeding 500 trillion yuan. So for tourists traveling to China, it is extremely important to have a corresponding cashless payment tool.
Latest Fintech News: Worldpay From FIS and Affirm Team up to Expand Pay-Over-Time Solutions That Help Merchants Drive Growth
Antonio García Cruz, CEO of Pecunpay, commented: “For Europeans, the security of having a card issued in Europe allows them to respond to their day-to-day payment needs with an app where they can track and control their transactions and travel expenses. Landing in China with a UnionPay branded Yi An Card issued by a European entity is a guarantee of full acceptance, convenience and security for travelers.”
Latest Fintech News: “Scam-Free Future: The Rise of Anti-Fraud Companies”
[To share your insights with us, please write to sghosh@martechseries.com]
