#China #Shanghai #Thunes #Payments #UnionPay

Thunes and UnionPay International Transform Payment Systems in China

In a groundbreaking development in the world of financial technology, Thunes has announced a significant expansion in its strategic partnership with UnionPay International (UPI). This collaboration aims to revolutionize the way instant payouts are made to UnionPay cards within mainland China, representing a major evolution in cross-border remittance systems.

The partnership introduces the ability for Financial Institutions, Payment Service Providers, and Money Transfer Operators to make instant, compliant payouts directly to UnionPay cards. This move is especially beneficial for those targeting the vast market of over 79 major Chinese banks, including well-known names like the Industrial and Commercial Bank of China and Bank of Communications, making transactions simpler and faster than ever before.

Historically, sending cross-border remittances to China has come with numerous restrictions, particularly concerning daily transaction limits. Users often found themselves forced to split their larger transfers over several days, a tedious and inefficient process. However, by enhancing UnionPay International's daily payment limits and integrating them directly into Thunes' payment network, this partnership overcomes those hurdles. Customers can now process real-time transfers up to $10,000 USD per recipient, allowing families and businesses to send significant amounts seamlessly in just one transaction.

This streamlined process not only empowers individual users who rely on these funds for family support but also helps businesses that require larger transaction capabilities. The friction and delays traditionally associated with cross-border payments are significantly minimized, making the money movement process faster and more efficient.

As a recognized strategic partner by UnionPay International, Thunes ensures that all transactions maintain bank-grade security standards. This means that clients can execute Pay-to-Card services with a guarantee of compliance, mitigated risks related to service outages, unauthorized routing, and other potential disruptions.

The technical backbone of this new service lies in Thunes' Direct Global Network, which connects directly to UPI International through a single Application Programming Interface (API). This setup grants immediate access to China's vast card ecosystem, reducing setup costs and eliminating stringent eligibility barriers for financial institutions and service providers.

Chloé Mayenobe, the Deputy CEO at Thunes, expressed her enthusiasm for this strategic alignment with UnionPay, emphasizing its critical role in breaking down outdated barriers to money movement in one of the most active payment corridors around the globe. She stated, “Unlocking these higher transaction limits supports the growth of our Members, empowering financial institutions everywhere to scale their cross-border flows into China with unmatched speed and compliance.”

As the landscape of cross-border payments continues to shift, this collaboration is set to play a vital role in enabling easier and more efficient money transfers to China, thus tapping into a previously constrained market and expanding the reach of financial services across multiple sectors.

For more information on Thunes and their innovative payment solutions, visit Thunes’ Official Website.