Mifinity announces Major Strategic Partnership with UnionPay

MiFinity is proud to announce that it is now licensed to issue UnionPay cards, acquire UnionPay traffic (UPOP) and support a cross border remittance service via UnionPay MoneyExpress.

‘With more than 3.5 billion UnionPay cards issued internationally and over 10 million overseas online merchants across 200 countries accepting UnionPay cards, this is a significant revenue opportunity for Mifinity. This license will open up new market segments whilst adding a new product vertical to the Mifinity payment platform’, says Michael McDevitt, Chief Product Officer, Mifnity.

On the back of this license, Mifinity is now one of the first European payment service providers (PSP) to offer this solution. There are about 3.1m card accepting merchants in China and approximately 350,000 ATMs. UnionPay International is the only global card scheme offering 100% coverage of the accessible payments network in China.

The card issuing solution is targeted at consumers planning to travel to China as business travelers, students or multi-national employees. The cards are secure, convenient, fast and cost effective. The cards offer various features, are re-loadable and support cash withdrawals at ATMs.

The acquiring solution will support the UnionPay Online Payment Program (UPOP), which is UnionPay’s E-Commerce solution. This enables UnionPay cards to be accepted over the Internet with real time transaction authorization. The Mifinity eWallet will facilitate this solution.

For more information, please visit www.mifinity.com