Pivotal Payments, a leading provider of technology-driven global payment processing solutions, announced that it has been accepted as a Principal Member of UnionPay International, a subsidiary of China UnionPay, the largest card issuer in the world. The partnership offers Pivotal’s merchants more payment options with the ability to target the world’s biggest online retail markets and the fastest growing payment scheme globally.
With over 150 million UnionPay internet and mobile payment users, being able to service UnionPay cardholders presents a significant added revenue stream for Pivotal’s merchants. Valued in excess of US$500 billion, the growth volume of ecommerce transactions in China is expected to surpass that of the US this year. Led by the rise of inexpensive mobile devices, the number of Chinese consumers shopping online is rapidly increasing, with a recent estimate pegging Chinese online spending reaching one trillion dollars by 2019.
“We’re delighted to be able to partner with UnionPay in providing high quality, cost effective and secure cross-border payment services, putting our clients on a newly expanded global footing,” said Philip Fayer, president and chief executive officer of Pivotal Payments. “We are not only providing our merchants with flexible payment solutions but accessibility to a much larger consumer market with a significant level of disposable income.”
“We are proud to welcome Pivotal Payments as a principal member,” said Miriam Park, chief representative, UnionPay Americas. “As more businesses start operating on a global scale, it’s vital to tap into the lucrative Chinese market and its exceptional spending power. We expect our partnership to benefit Pivotal’s clients across North America and beyond.”
Pivotal Payments will provide a full-service implementation of UnionPay, including rapid boarding, streamlined risk and underwriting, full online reporting and dedicated support.
