UnionPay and TripLink Collaborate to Launch Virtual Card for B2B Cross-Border Payments
Global payment network UnionPay has joined forces with FinTech firm TripLink to unveil the UnionPay Virtual Commercial Card in Singapore, as outlined in PYMNTS news. This strategic partnership is aimed at addressing the cross-border payment requirements of various businesses, with a particular focus on the airline and hotel industries, according to a press release issued on Tuesday, October 10.
The UnionPay Virtual Commercial Card offers an efficient, cost-effective, and secure payment solution for real-time cross-border transactions, catering to the surging demand for online transactions in the global travel and tourism sector. In 2022, two-thirds of the industry’s revenue came from online sales channels, amounting to a substantial $475 billion in global online travel market size. This figure is projected to exceed $1 trillion by 2030.
In addition to fulfilling the evolving needs of businesses, the collaboration between UnionPay and TripLink expands the issuance coverage of UnionPay in Singapore, enabling more companies to participate in global eCommerce.
Carine Low, the Singapore country general manager of UnionPay International, expressed her satisfaction with the customized solution offered to TripLink and its customers, acknowledging its role in addressing B2B payment challenges. She stated, «We are pleased to be able to offer this customized solution for TripLink and its customers, which will propel us forward in addressing some of the pain points encountered by businesses in B2B payment.»
Wang Zhe, CEO of TripLink International, emphasized their goal to assist enterprises in global expansion and business growth by connecting more businesses through the UnionPay network. This collaboration is expected to facilitate an increase in global payments, particularly inbound payments to Mainland China.
As of December, UnionPay, based in Shanghai, had issued over 200 million cards outside of the Chinese mainland. The company’s reach extends to 38 million merchants outside of China that accept UnionPay cards, with an additional 22 million online merchants utilizing the company for their payment needs.
This partnership between UnionPay and TripLink comes at a time when many large companies in the travel and tourism sectors are dissatisfied with their current payment management systems. According to PYMNTS Intelligence, a collaboration between PYMNTS and Flywire, most financial leaders in these sectors rate their firms’ payments operations as only «somewhat» effective, with one in ten describing their systems as ineffective.
UnionPay and TripLink have united to introduce the UnionPay Virtual Commercial Card in Singapore, catering to the needs of businesses in cross-border transactions within the travel and tourism industries. This collaboration not only addresses current industry challenges but also expands UnionPay’s presence in Singapore’s eCommerce landscape, ultimately facilitating global business growth.