Thunes has launched faster and more transparent payments in mainland China in partnership with UnionPay International (UPI).
The collaboration allows Thunes to roll out a direct connection from its Direct Global Network to UnionPay’s infrastructure, improving its existing support for the UnionPay MoneyExpress remittance solution. This will result in Thunes’ members, such as neobanks, apps, digital wallets, and more, having easier access to UnionPay’s base of cardholders across 79 Chinese banks, including Industrial and Commercial Bank of China, Agricultural Bank of China, and Bank of China, among others.
Instant money transfers to China
Although China is the second-largest economy worldwide, it is difficult to send money in, as the process is complex and presents hidden fees and the need for recipients to manually declare funds. Thunes aims to tackle this challenge by connecting directly and offering a simple Pay-to-Card experience, where transactions are credited in real-time or within 12 hours.
Thunes’ members will be able to access a local-style payment journey for international payments to mainland China with exchange rates locked up front. This ensures that money arrives directly as RMB to UnionPay debit cards without any manual intervention. Leveraging UnionPay MoneyExpress, the company’s cross-border remittance strategy, the alliance provides a secure and productive way to move funds to China.
The integration makes sure that MoneyExpress benefits, including upfront FX rates and rapid settlement, are delivered with responsibility and reliability to users around the globe. Making this connection with UPI will fundamentally change Thunes’ Direct Global Network, offering more access, higher speed, and direct-to-card rails into a significant economy without the friction and complexity of traditional cross-border payments.
Its members around the world can offer their customers a domestic-like experience to the large UnionPay cardholder base, making sure that sending money to mainland China is simple and convenient.
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