CUP has signed Worldpay to make CUP cards accepted by online merchants outside of China, hoping to quickly fill its gaps in e-commerce markets.
The agreement will see WorldPay become the first UnionPay Online Payment acquirer in the US and the vast majority of Europe, to enable merchants to sell directly to consumers in China, as well as UnionPay cardholders outside of China.
Despite CUP’s aggressive expansion into international markets, it’s acceptance outside of China is mostly limiited to POS and ATMs, with very limited online acceptance. CUP certainly hopes to capture this online market as cross-border puchases have become popular in China due to the lower prices of luxuty items and latest consumer electronics outside of China.
UnionPay President, Xu Luode, stated that UnionPay is stepping up efforts to better meet the demand of cross-border transactions through cooperation with partners to further improve the acceptance network and services overseas.
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