SINGAPORE, Oct. 10, 2023 /PRNewswire/ -- Global payment network UnionPay has partnered with leading financial technology company TripLink International Pte Ltd (TripLink) to introduce the UnionPay Virtual Commercial Card in Singapore. This initiative marks UnionPay International's (UPI) first B2B virtual card designed to address the cross-border payment needs of businesses.
The UnionPay Virtual Commercial Card provides a convenient payment solution for businesses, particularly in the airlines and hotel industries, a seamless, cost-effective and secure method for conducting real-time cross border transactions. By leveraging this innovative offering, businesses can significantly reduce the time required for crediting or transferring of funds, and minimise any administrative fees.
UnionPay's unique, secure and encrypted risk control systems allow TripLink's customers to pay their merchants and partners via UnionPay Virtual Commercial Card, making the transaction safe, secure and efficient.
The introduction of the UnionPay Virtual Commercial Card aligns with the growing trend of online transactions in the tourism sector. Recent research[1] indicates that two-thirds of revenue in global travel and tourism came from online sales channels in 2022. In 2022, the online travel market size worldwide was roughly USD475 billion, and it was forecast to reach over USD one trillion by 2030. This collaboration will not only meet the evolving needs of businesses but also expand issuance coverage of UnionPay in Singapore, empowering more companies to engage in global e-commerce.
"We are delighted to partner with TripLink to offer the first UnionPay Virtual Commercial Card tailored to the needs of businesses. B2B payments present a significant opportunity within the payment industry. We are pleased to be able to offer this customised solution for TripLink and its customers, which will propel us forward in addressing some of the pain points encountered by businesses in B2B payment. Our aim is to provide a diverse and comprehensive range of payment solutions catered to the unique needs of our B2B clients," said Ms. Carine Low, Singapore Country General Manager, UnionPay International.
Mr. Wang Zhe, Chief Executive Officer, TripLink International, added: "We are happy to extend TripLink to more users through this partnership, which exemplifies our ethos of constantly innovating and improving to serve them better. Our aim to help enterprises develop worldwide to accelerate business growth will be well served by connecting more businesses through the UnionPay network, thus facilitating an increase in global payments – especially inbound payments to Mainland China."
According to research[2], the global transaction value of the B2B payment market is projected to experience a 26% growth from over $88 trillion in 2022 to more than $111 trillion by 2027. This finding underscores the substantial opportunities that await B2B payment market.
[1] https://www.statista.com/statistics/1179020/online-travel-agent-market-size-worldwide/
About UnionPay International
UnionPay International (UPI) is a subsidiary of China UnionPay focused on the growth and support of UnionPay's global business. In partnership with more than 2500 institutions worldwide, UnionPay International has enabled card acceptance in 181 countries and regions with issuance in 79 countries and regions. UnionPay International provides high quality, cost effective and secure cross-border payment services to the world's largest cardholder base and ensures convenient local services to a growing number of global UnionPay cardholders and merchants.
In Southeast Asia, UPI has enabled ATM, POS acceptance, card issuance and e-wallets across all 10 countries. In Singapore, a range of UnionPay Cards and many apps are enabled to scan UnionPay QR Code including BOC Mobile Banking, DBS Paylah!, Huawei Pay, ICBC Mobile Banking, and Nestia. For more information on UnionPay Singapore, visit https://www.unionpayintl.com/sg/
About TripLink
Founded in 2018, TripLink is a holding subsidiary of Trip.com Group providing fully customized payment services for global customers. With "Technology Empowers Finance" as our mission, TripLink is committed to building a secure and efficient global payment network with direct connection to the local settlement system to meet a range of needs such as cross-border payments for cross-border e-commerce, general trade, and international shipping and travel. TripLink is committed to being a trusted service provider and creating a successful future together with our customers.
