MiFinity supports cross border remittance to UnionPay cards in China
UnionPay card cross-border remittance services were introduced by several overseas financial institutions in the first half of this yearOverseas Chinese are allowed to do at-home remittance for the sake of epidemic prevention
UnionPay International announced today that it has entered into cooperation with MiFinity, a well-known payment company, in remittance services, with a view to allowing overseas Chinese to remit to UnionPay cards issued by 17 domestic banks through MiFinity’s official website and e-wallet. At present, there are 22 overseas institutions that support UnionPay card cross-border remittance services, covering 45 countries and regions including Japan, Singapore, the United Kingdom and Russia.
Since the outbreak of COVID-19, there is an increasingly stronger need for overseas Chinese to remit to their relatives due to travel and other restrictions, in response to which, UnionPay International has been accelerating its cooperation with domestic and foreign financial institutions. In the first half of this year, BOC Hong Kong, EasyLink in Hong Kong, KB card in South Korea and other overseas institutions successively introduced UnionPay card cross-border remittance services, and Bank of Inner Mongolia, Zhejiang Rural Credit Cooperative and Wuhan Rural Commercial Bank joined other existing institutions to support such services, which provides a more convenient remittance experience for overseas Chinese and ensures that the UnionPay cards to which remittance is made can receive the money remitted ina more timely manner.
MiFinity is a well-known payment company in Europe, whose services cover most countries and regions in Europe. Thanks to this cooperation between UnionPay International and MiFinity, overseas Chinese in Europe can make real-time remittances easily by MiFinity’s official website or MiFinity e-wallet with the name and UnionPay card number of payee.
Compared with cross-border wire transfers dealt with through banks, UnionPay card cross-border remittance services have three major advantages: 1. Cost-effective. Payerscan pre-lock the exchange rate, and the money can be directly transferred to UnionPay cards of payees in RMB and can be available for use without additional service charges. 2. High effective. Real-time remittance is ensured, generally no more than 12 hours. 3. Convenient. Online remittance is supported, allowing payers to make cross-border remittance at home without going to bank offices during the epidemic.
MiFinity, a global payments provider, offers a range of cost-effective and efficient end-to-end payment solutions. It has more than 18 years of experience in the online payments space with a growing network of global partner relationships and a best-in-class, highly secure and regulated technology platform.
MiFinity recently launched its online eWallet, which is targeted at the online gaming, travel and eCommerce sectors. It is a fast, simple, and secure way for customers to perform transactions with multiple local payment options in different currencies.
MiFinity is evolving into a true ‘omnichannel’ payment provider to the global online payment market.
For more information, please visit www.mifinity.com
About UnionPay International
UnionPay International (UPI) is a subsidiary of China UnionPay focused on the growth and support of UnionPay’s global business. In partnership with more than 2300 institutions worldwide, UnionPay International has enabled card acceptance in 179 countries and regions with issuance in 61countries and regions. UnionPay International provides high quality, cost effective and secure cross-border payment services to the world’s largest cardholder base and ensures convenient local services to a growing number of global UnionPay cardholders and merchants.
For more information, please visit www.unionpayintl.com/en/