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May 29 2020

MiFinity announces 5-year extension of strategic partnership with UnionPay International

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MiFinity, a global payments provider, is proud to announce a 5-year extension to its existing strategic partnership with UnionPay International. This extension is testament to the great working relationship between both UnionPay and MiFinity and will help MiFinity continue to build upon and grow the existing UnionPay vertical. As a principal member of UnionPay International, MiFinity is currently licensed to acquire UnionPay traffic (UPOP), issue UnionPay prepaid cards and execute a cross border remittance service via UnionPay MoneyExpress.

‘With more than 130 million UnionPay cards issued in 60 countries and regions outside mainland China and another 3 million merchants outside mainland China accepting UnionPay cards, this is a significant revenue opportunity for MiFinity. This extension will allow MiFinity target new market segments and position the brand as a trusted strategic partner of UnionPay International’, says Michael McDevitt, Chief Product Officer, MiFnity.

The acquiring solution supports the UnionPay Online Payment Program (UPOP), which is UnionPay’s E-Commerce solution. This enables internationally issued UnionPay cards to be accepted for the loading of funds into a MiFinity eWallet. These funds can then be used across the MiFinity payment platform.

The remittance service via UnionPay MoneyExpress is targeted at both Merchants and consumers. This is a real time settlement solution. The Merchant solution facilitates International Merchants to process cross-border money transfers to UnionPay card holders back in mainland China. The consumer solution facilitates international consumers to process cross-border money transfers to UnionPay card holders back in mainland China.

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