Dive Brief:
- Visa is extending its reach into mainland China through an agreement with UnionPay International, which is based in the country, to make Visa Direct cross-border remittances and other real-time payments to UPI debit cardholders.
- The effort, announced at the Web Summit Qatar conference in Doha, will join Visa Direct with UPI’s MoneyExpress platform to enable “a broad set of cross‑border use cases, including creator and freelancer payouts, contractor disbursements, reimbursements, and family remittances,” the companies said in a Tuesday press release.
- “This cooperation with Visa represents a precise alignment of the two sides’ strengths and is also an active response to the digitalization and convenience trends in global cross‑border remittances,” Larry Wang, CEO of Shanghai-based UnionPay International, said in the release.
Dive Insight:
The new Visa Direct-UPI connection will be available in the first half of 2026 to more than 95% of UnionPay International debit cardholders, the companies said.
The speed and availability of funds will “vary by receiving institution and region” and may be subject to compliance and other reviews, the companies said.
In late 2023, Visa Direct and Tencent Financial Technology unveiled a partnership to allow Weixin users to receive remittance payments in their digital wallets.
“Global business now moves at internet speed, but money hasn’t always kept pace,” said Vira Platonova, global head of Visa Direct. “Whether it’s a creator getting paid, a contractor receiving earnings or a family sending support across borders, reach and reassurance are everything.”
Cross-border payment companies, including MoneyGram International and Western Union, also operate with partners to enable direct payments to mainland China, according the companies’ websites.
UnionPay’s MoneyExpress remittance platform operates in 57 countries, including Canada, Japan, Singapore and the United States.
