London, UK, September 2024 - Today, Paysend announced the launch of instant and simple cross-border payouts to China UnionPay cards for its Enterprise customers. This new feature empowers businesses to leverage the speed, reach, and reliability of Paysend’s Enterprise single API to send cross-border payments directly to UnionPay cards issued in China, complementing the Visa, Mastercard and Account Payout capabilities to over 165 countries currently available. Businesses can seamlessly embed payouts to UnionPay cards into their workflow, benefiting from real-time FX rates and notifications available 24/7, 365 days a year, ensuring their payment needs are met anytime, anywhere.
Today, international businesses frequently face challenges when transferring funds to China, primarily due to the limited support for UnionPay cards, the region’s most widely used cards. This can result in delayed transactions, increased costs, and operational inefficiencies. The lack of a streamlined, reliable payment solution complicates financial operations, hinders timely transactions and creates inefficiencies, ultimately obstructing business growth and the ability to effectively penetrate and compete in the Chinese market. The need for a seamless, cost-effective, and dependable method to facilitate cross-border payments to China is more pressing than ever.
This new Paysend Enterprise feature effectively addresses these challenges by enabling direct transfers to China UnionPay cards. Through the seamless integration of UnionPay into customers’ existing API, businesses can now process instant and secure transfers to China, significantly reducing transaction times and costs, with no hidden fees and access to the most competitive real-time FX rates. This enhancement enables customers to reach UnionPay cards issued in China, thus further accessing one of the world's largest markets. The feature is accessible through a single API integration, eliminating the need to maintain multiple payout partner integrations and freeing up valuable time and resources.
This new feature is included in the existing Enterprise Payout to Card API, allowing current customers to immediately benefit from it, whilst new customers can quickly and easily get started by accessing the Enterprise sandbox, reviewing the comprehensive API documentation and testing with pre-configured mock cases and dedicated integration support.
Abdul Abdulkerimov, Paysend’s Founder and Executive Chairman, reaffirms the company's commitment to supporting businesses in their global operations. He said, “We are proud to expand Paysend's Enterprise capabilities to include transfers to China UnionPay cards. This expansion reflects our dedication to offering our customers the widest network with the furthest global reach. By providing access to UnionPay in our API, we empower businesses to send quick, low-cost transactions in one of the world's largest markets.”
About Paysend
Created in 2017, Paysend is a UK based next generation integrated global payment ecosystem. It enables consumers and businesses to pay and send money online anywhere, anyhow and in any currency. Paysend is now a leading cross-border money transfer platform that enables businesses and individuals to send funds securely, quickly, and cost-effectively to over 190 countries worldwide. Paysend has its own network of banks and international and local payment systems, providing a seamless and transparent money transfer experience through its innovative technology and user-friendly mobile app. Paysend is a certified processor and principal member of Master Card, Visa, China Union Pay.
For more information on Paysend, visit their website at https://paysend.com/en-gb
Paysend Launches Instant Cross-Border Payouts to China UnionPay Cards
By Jairo Riveros | 19th September, 2024
Paysend
Paysend is a financial technology business building the world's largest cross-border digital network. Paysend makes cross-border money movement faster, cheaper and more accessible for consumers and enterprises —anywhere, in any currency, and through any method. Founded in 2017 with the introduction of card-to-card transfers, we now offer a comprehensive suite of financial solutions that go beyond traditional money transfers. With a global reach and offices in London, Belgrade, Dublin, and Miami, Paysend serves over 11 million customers in 170+ countries. Paysend provides access to over 25 billion endpoints to make cross-border payments simple and accessible for everyone. The platform supports seamless cross-network operability, connecting Mastercard, Visa, China UnionPay, local card schemes, Instant Payment Systems, wallets, smartphones, as well as local ACH and payment systems worldwide. Regulated by the Financial Conduct Authority, Paysend ensures secure and dependable payment services, backed by 24/7 global customer support.