UnionPay International serves China International Import Expo by optimizing cross-border trade payment experience

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Nov 04, 2018, 22:11 ET

SHANGHAI, Nov. 4, 2018 /PRNewswire/ -- China International Import Expo ("CIIE") is being held in Shanghai with more than 3,000 enterprises from over 130 countries attending. UnionPay International, leveraging on its advantages in network, products and services, is offering smooth payment service to visiting guests and export and import settlement service to traders.

Offering payment convenience for exhibitors visiting mainland China

To date, over 100 million UnionPay cards have been issued in 48 countries and regions outside mainland China. And in many countries and regions, UnionPay is the No.1 card brand in terms of card-issuing scale. In addition to providing great convenience to overseas residents in local markets, these overseas-issued UnionPay cards also facilitate overseas residents' visits to China. In the third quarter of this year, the volume of transactions made in mainland China with overseas-issued UnionPay cards grew by 12% year-on-year.

Exhibitors may use UnionPay cards issued outside mainland at almost all merchants and ATMs in mainland China. If with RMB or dual-currency UnionPay cards that with a RMB account, the spending in mainland China will be settled in RMB, thus effectively lowering the currency conversion cost. In addition, exhibitors are able to apply for UnionPay debit or credit cards in banks in China with effective identity certificates. Currently, many banks in China are offering card application express channels for foreign exhibitors.

Since the opening of CIIE to February, 2019, UnionPay International are providing special offers of up to RMB588.00 for cardholders with overseas-issued UnionPay cards at restaurants and hotels in Shanghai.

Supporting cross-border trade between China and other countries

Over the past few years, UnionPay International is actively offering payment support to the cross-border trade between China and the rest of the world. For instance, about 600,000 UnionPay Commercial Cards have been issued outside mainland China, and UnionPay cross-border remittance service is launched in 45 countries and regions outside the Chinese Mainland. In answer to the digitalization of cross-border trade, UnionPay International has launched its Cross-border B2B Payment Service Platform, to provide enterprises with secure and convenient online import and export settlement services.

So far, a number of cross-border e-commerce and traditional export companies in Africa, Central Asia, and mainland China have connected to UnionPay Cross-border B2B Platform. After selecting goods at these e-commerce websites, domestic and overseas purchasers are able to make safe and convenient payment via UnionPay Cross-border B2B Platform.

To better serve CIIE, UnionPay International collaborates with several banks to provide one-stop import and export settlement service via the UnionPay Cross-border B2B platform. Enterprises can complete online the whole process of payment, order review, foreign currency purchase and settlement, and declaration, saving the trouble of going to the bank outlet for remittance and filling in the customs declaration materials. Furthermore, UnionPay International is a strategic partner of the official transaction service platform of CIIE, and will deliver long-term services to exhibitors even after the closing of CIIE.

SOURCE UnionPay International