Cross Border Commerce

UnionPay Launches Platform For Developers

UnionPay International announced earlier in January that it rolled out the UPI Developer, which is a platform to create applications for cross-border payments.

According to a report in Mobile Payments Today, the new platform is open and enables developers to create apps for cross-border mobile payments as well as other technologies. With the platform, developers can access UnionPay application programming interface so that UnionPay tech can be integrated into their own products. “With the development of innovative payment technology and commercial applications, UPI is accelerating building up its innovative payment technology and service capacity and promoting the digitalization of its card business to support the development of mobile payments,” said Cai Jianbo, CEO of UnionPay said in a press release covered by Mobile Payments Today.

With the UPI Developer platform, developers can get access to three different services. With one service users can access one of UnionPay eighteen payment and data services. Those, noted the report include QR Code payments and tokens. The second service allows developers to create a one stop payment service and a third that provides testing and certification, documentation as well as consulting, noted the report.

In addition to launching the developer platform, in September a report by the Financial Times reported UnionPay was gearing up to launch a branded card in the UK as part of an effort to expand more into Europe and take on the likes of Visa and Mastercard. At the time the Financial Times reported UnionPay was looking to expand as it faces more competition from AliPay and WeChat Pay in China.UnionPay was expected to launch the branded cards across Europe with the company targeting local customers as well as people traveling to Asia. In Asia UnionPay cards are accepted by over 41 million merchants and works at more than 2 million ATMs in 170 countries.


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.