The announcement was made during the 2024 China International Supply Chain Expo (CISCE). The Yueda Card, a Visa digital business card issued by LianLian Global, is designed to facilitate secure and efficient international payments for both corporations and small to medium-sized enterprises (SMEs).
Through the integration of Visa’s global payment infrastructure and LianLian Global’s technological capabilities, the Yueda Card addresses payment needs in various sectors, including ecommerce, foreign trade, travel, and supplier transactions. The service offers features such as online top-ups, multi-currency settlements, and digital invoicing, catering to scenarios where cross-border payments are essential.
China’s cross-border ecommerce sector has been growing significantly, with the General Administration of Customs reporting a trade volume of CNY 1.88 trillion in the first three quarters of 2024, which is a year-on-year increase of 11.5%. Despite this growth, businesses face challenges in managing cross-border transactions.
According to Visa’s report on cross-border payment challenges for SMEs, 50% of respondents cited uncertainty in confirming payment receipts as a primary concern. Other issues included unpredictable transaction fees (45%), delays in transaction processing (44%), and risks related to fraud and dispute resolution.
The Yueda Card aims to address these challenges by enabling faster and more reliable payment processing. Its digital features are expected to reduce reliance on manual accounting and payment methods, improving efficiency while lowering operational costs.
Officials from Visa highlighted the collaboration’s potential to enhance the cross-border payment ecosystem. They explained that the Yueda Card leverages Visa’s global network alongside LianLian Global’s innovative technologies to optimise working capital for businesses.
In turn, representatives from LianLian Digital emphasised the strategic importance of the initiative in a globally integrated market. They stated that the partnership with Visa will help streamline payment processes and improve accessibility to efficient financial solutions for businesses.
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