UnionPay will leverage the footprint and global capabilities of Fiserv to enable more businesses outside of Mainland China to accept UnionPay cards. Company officials stated that the partnership has enabled them to optimise online and in-store acceptance, accelerate business localisation, and improve planning for businesses around the world.
Going forward, the two companies will expand UnionPay virtual and physical card issuing globally and enable UnionPay acceptance via Carat from Fiserv. An integration with the Carat omnichannel commerce platform will streamline acceptance of UnionPay cards by enterprise businesses worldwide. Through an API, businesses using Carat can support settlement of UnionPay transactions, consolidate global reporting and reconciliation within a single merchant account, and deliver cost efficiencies via payments optimisation and chargeback management.
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