UnionPay and AltPayNet collaborate for cross-border payments


Valentina Vitali
Valentina Vitali
FXC Intelligence Research Analyst
Valentina is a Research Analyst at FXC Intelligence, the data sister company of FXcompared. Valentina is passionate about payments and fintech. Valentin enjoys analysing money transfer companies and… Read more
  • UnionPay and AltPayNet have announced a new collaboration designed to enable cross-border payments for businesses.
  • A wide variety of firms and businesses, including import and export firms, will be covered by the new move – which will also see ancillary services such as airport assistance offered.
  • “Payment modes like cross-border transactions, credit cards, e-wallet, alternative payment methods, and the likes, boost international digital payments and its efficiency,” said a spokesperson for AltPayNet.

UnionPay and AltPayNet, two major firms in the payments sector, have announced a new collaboration to improve cross-border payment services.

The two companies said that they would make the move as part of a push to offer online payment services to businesses.

The service is aimed at ecommerce companies and trading businesses with either localised or globalised footprints.

Import and export firms will also be covered as part of the new offer, which will enable business-to-business payments around the clock.

A range of other ancillary services will be offered to companies that join, including special airport assistance for international travellers.

AltPayNet is a debit and credit card provider, while UnionPay is an international payments brand.

The latter is responsible for the largest cardholder base on the globe.

The latest move comes as AltPayNet was given the title of ‘Principal Acquirer’ at UnionPay.

In a press statement, AltPayNet pointed out that changes to financial technology had had a profound effect on the market in recent years.

It said that the rise in alternative payment methods was to be expected given the context of changing technology.

“Today, the advancements in financial technology have paved the way for a secure, reliable, and speedy payment process,” it explained.

“Payment modes like cross-border transactions, credit cards, e-wallet, alternative payment methods, and the likes, boost international digital payments and its efficiency.”

It went on to say that simplification of payments was the overarching goal.

“Financial technologists aim to simplify complicated procedures of international payments,” it said.

“They securely ease access to customers and the information necessary to swiftly complete each and every transaction.”

AltPayNet also shared more information about the way that the system would work.

“As AltPayNet, a PCI-DSS-Certified Software-as-a-Service (SaaS) company, becomes UnionPay Acquirer, it enables the company to onboard merchants and partners to process UnionPay card, mobile, and QR Payments acceptance to their online shop systems, mobile and web applications.”

In order to sign up, a company will need to provide AltPayNet with a range of information, including the company designation, contact number, email address and the country of registration.

The company describes the registration process as “simple and quick”.

Are you interested in gathering more information about the workings of the international money transfer sector and of firms like the ones mentioned in this article? If so, we’re here to help – just look at some reviews in our reviews section.

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