With Adyen’s direct connection to UnionPay, you can reach more shoppers, and reduce additional charges.
We are excited to announce that we now offer a direct connection to UnionPay in store, in the U.S.
Now, businesses operating both in Europe and the U.S. can process the payments of Chinese shoppers, both in store and online, without having to route the transaction through an international partner network. And we are proud to say that we are the first global payments service provider to offer this.
And, since Adyen’s support for UnionPay is fully EMV enabled, it is the only payments provider in the U.S. capable of accepting the 2 billion UnionPay EMV cards by chip.
This means wider acceptance, lower charges for both retailers and shoppers, and increased efficiency.
A better deal for shoppers and retailers
UnionPay is the largest scheme in the world. And, with more than 5.4 billion cards, it accounts for over half the global credit and debit cards in circulation. It is widely used by Chinese shoppers internationally as well as domestically, and it facilitates both domestic and cross-border transactions for any card it issues.
Now, thanks to Adyen’s direct connection, a transaction can be routed straight to UnionPay, with no need to rely on other networks. This eliminates additional charges, and makes the whole process smoother, with less potential points of failure. Co-branded cards are also routed straight to UnionPay to increase efficiency, and keep charges to a minimum.
This direct integration also has the added benefit that it significantly increases the spending power of Chinese shoppers, which were previously restricted by spending limits on co-branded cards, or the amount they can withdraw from ATMs with UnionPay cards.
Furthermore, since the People’s Bank of China has ordered Chinese banks to stop issuing co-branded cards, it will become increasingly important for retailers around the world to support UnionPay directly.
So you not only save money for both you and your shoppers, but you extend your reach to a broader mass of Chinese shoppers. While they, in turn, benefit from a payment experience no different from the one they would have at home.
The rise of the Chinese shopper
The rise of Chinese spending power has been well documented. As an example: Singles Day smashed all previous records this year, clearing $15 billion by 8pm. And of course this passion for purchase is by no means limited to domestic shopping. Far from it, Chinese shoppers are spending billions of dollars abroad – in fact China bought half the world’s luxury goods in 2015. Another important factor to consider is the huge volume of Chinese students living in the U.S., which accounts for 31% of all foreign students in the country.
There are huge opportunities therefore for retailers in the U.S. to engage with these growing demographics of shoppers. And, in order to give them the best experience possible, it is important to support their choice of payment methods.
For more information about supporting UnionPay both online and in store click below: