#Kazakhstan #Almaty #UnionPay #OpenWay #Way4

OpenWay and UnionPay International Expand Global Cooperation

OpenWay, a recognized leader in digital payment software, has announced an exciting expansion of its partnership with UnionPay International (UPI), one of the world's largest payment networks. This initiative aims to provide comprehensive support for UPI products on the Way4 platform, enhancing and streamlining digital payment capabilities for users globally.

The Way4 platform is a robust digital payment infrastructure utilized by various banks, processors, and fintech companies. It supports functions like card issuing, acquiring, switching, and digital wallet services in real time. With this expanded partnership, OpenWay's clients across the world will now have the ability to issue, acquire, and tokenize UnionPay cards using the Way4 platform. This collaboration promises a faster and more uniform rollout of UPI-powered payment services across various markets, broadening the options for cardholders.

Pioneering Payment Solutions

In an industry first, OpenWay has recently facilitated the inaugural launch of the Big Pay feature for UnionPay cards within the Way4 framework, collaborating with six major banks in Central Asia. This marks a significant milestone as it is the first instance globally where a UnionPay card is integrated with a Big Pay feature, showcasing OpenWay’s commitment to driving innovation within digital payments. Furthermore, additional Big Pay integrations are anticipated soon, which will further enrich the range of mobile and digital wallet options available to UnionPay cardholders using Way4.

Since its inception, OpenWay has been at the forefront of innovation in the payments industry, particularly in the implementation of international payment scheme (IPS) solutions. Notably, in 2004, the first-ever issuance of a UnionPay card took place in Kazakhstan powered by the Way4 platform. OpenWay’s continuous support for UPI has transformed Central Asia into a burgeoning fintech hub.

A Legacy of Firsts

OpenWay's collaborative spirit with UnionPay International has led to numerous pioneering achievements, including the deployment of UnionPay chip cards and enhanced acquiring infrastructure throughout Central Asia. Today, the Way4 platform is acknowledged internationally for its excellence in cross-border card scheme integration, innovative wallet solutions, real-time transactions, and AI-driven payment systems. It exemplifies OpenWay's talent for harmonizing global standards with local financial infrastructure to introduce next-gen capabilities into diverse markets.

The Power of Glocal Innovation

Reflecting on this partnership, Rustem Nurmambetov, Operational Director at OpenWay in Central Asia, commented, "This partnership demonstrates the power of glocal innovation. Global breakthroughs often begin with local vision." He further emphasized how, through cooperation with UnionPay International and local banking partners, they are establishing a global precedent for modern, inclusive, and interoperable payment solutions that can be utilized worldwide.

In conclusion, the expanded partnership between OpenWay and UnionPay International represents a significant step forward in the evolution of digital payment solutions. As they continue to innovate, customers around the globe can look forward to a more integrated and efficient payment experience through the Way4 platform.