Allied Wallet, an online payment processing provider, has teamed up with China-based UnionPay International to issue a UnionPay branded prepaid card in Europe.
Under the terms of the agreement, Allied Wallet’s platform will issue UnionPay cards for corporate payouts including payouts of wages, expenses and commissions.
Allied Wallet believes that the company would be able to issue more than one million cards for hundreds of its merchants within one year of Allied Wallet’s launch during the first quarter of 2018.
UnionPay cards offers less restrictive single transaction limits without any yearly limits. With a six-digit online pin and requirements of signature to authenticate the transaction, the card is very secure.
Allied Wallet Founder and CEO Andy Khawaja said: “We’re very happy to make this historic partnership and begin issuing co-branded cards.
“We see an opportunity here to not only benefit Chinese payees who live and work in Europe, but also an opportunity to benefit all payees who need a reliable method of accessing their funds and transacting online. We’re happy to offer this opportunity by partnering with UnionPay International.”
UnionPay-branded cards are accepted in 162 nations and regions as the Chinese card company has created broad card base across the globe.