Pivotal Payments 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.
Full-service implementation of UnionPay
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. Pivotal Payments will provide a full-service implementation of UnionPay, including rapid boarding, streamlined risk and underwriting, full online reporting and dedicated support.
Accessibility to a huge consumer market
"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."
Lucrative Chinese market
"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."About UnionPay International
UnionPay International (UPI) is a subsidiary of China UnionPay focused on the growth and support of UnionPay's global business. In partnership with more than 300 institutions worldwide, UnionPay International has enabled card acceptance in over 140 countries with issuance in more than 30 countries. UnionPay International provides high quality, cost effective and secure cross-border payment services to the world's largest cardholder base and ensures convenient local services to a growing number of global UnionPay cardholders and merchants.
About Pivotal Payments
Pivotal Payments is a leading provider of technology-driven global payment processing solutions to the point of sale, B2B and ecommerce industries. Our proprietary solutions include card not present, integrated POS and mobile payments that deliver efficiency and profitability to businesses across all sales channels and platforms. With a focus on security and fueled by continuous investment in research, product development and innovation, we are shaping the future of payments. Our goal is to maximize our clients' revenues and performance by empowering them with safer and smarter transactions.