CardUp partners with Visa to launch new cross-border payments solutions for businesses

While the global remittance market is dominated by bank to bank transfers – CardUp enables these payments to be made via credit cards to overseas suppliers who do not accept card payments. This means businesses can make use of their available credit limit to delay the outflow of that expense for up to two months, on payments to over 100 countries. CardUp’s solution leverages the company’s status as a registered Visa Business Payment Solution Provider (BPSP) to help more businesses in Singapore tap onto their underutilised credit limits. To do so, CardUp charges a processing fee per transaction, but the company’s status as a registered Visa BPSP means customised rates can be offered to businesses, helping companies maximise their cash flow at a competitive price.

Throughout the circuit breaker period, many businesses in Singapore experienced significant financial difficulties, especially in terms of their cashflow. A survey by the Association of Chartered Certified Accountants (ACCA) Singapore showed that 66%  of businesses halted or reduced their purchases, while 37% noted that they continued to face cashflow issues . These enterprises have been particularly exposed to reduced short-term cash flow and debt , with many business owners finding it difficult to pay creditors on time.

As a registered Visa BPSP, CardUp provides the following payment facilities for both businesses and banking partners.

CardUp’s technology connects to accounting and ERP platforms, to provide businesses with seamless data flow and reporting. This provides a solution that enables any payment made by bank transfer or cheque to be shifted to cards – regardless of whether the end-recipient accepts card payments.

Currently, CardUp collaborates with all major banks in Singapore such as Citi, DBS and UOB. Outside of Singapore, the company has launched its services in Malaysia and Hong Kong to help drive the digitisation of payments in more markets across the region. The company manages hundreds of millions of dollars in payments today and its payment infrastructure is connected to millions of vendors globally.