China’s UPI plans to launch Money Express money transfer service between Belarus and China
<p> MINSK, Oct 19 - PrimePress. China’s Union Pay International (UPI) plans to launch Money Express money transfer service between Belarus and China. CEO of Union Pay’s Russian branch Xia Yu made a statement to his effect at the XVII International Forum on Banking Information Technology “BANKIT-2021”. </p> <p> </p> <p> He noted that currently UPI relies on two products that promote regional integration - Money Express money transfer service and Huawei Pay payment service. </p> <p> </p> <p> Xia Yu points out that remittances have become a large and stable form of external financing in developing countries. In 2018, for example, mainland China received $64 billion in incoming remittances, the second-largest in the world, and it has continued to grow in recent years: amid the pandemic, there has been a surge and remittances, particularly in Union Pay, have increased tenfold. </p> <p> </p> <p> “The remittance service in China is very well developed. This is our distinctive product designed to help customers receive funds to their RMB accounts as quickly and conveniently as possible. There is a possibility to transfer by phone number without specifying a card number, it is much more convenient. We are now actively developing money transfers between CIS countries. There are already possibilities to transfer money fr om Russia to Belarus via Money Express at advantageous and competitive tariffs. Our further plans include launching money transfers from China - for the time being this is not working due to regulatory issues,” said Xia Yu. </p> <p> </p> <p> In his words, the advantage of the service is that the exchange rate is fixed at the time of the transfer, meaning that the sender knows exactly how much will arrive in the recipient’s account. Money can be sent via Money Express to all regions wh ere Union Pay cards are issued. There are several channels for making transfers, both offline (bank office, cashiers) and online (website or app). </p> <p> </p> <p> “Money Express is as secure as possible because the funds are credited directly to the recipient’s account. UPI provides security controls and is fully compliant with the requirements of the regulators, the central banks. It features a simple fee schedule and a relatively low exchange rate, which is beneficial to customers and makes it more attractive. For UPI payment system participants the implementation of Money Express is quite fast (3-4 months) and this work is not resource intensive”, said Xia Yu. </p> <p> </p> <p> As for Huawei Pay, he noted that it supports two popular tools - NFC payments, which are more common around the world, and QR code payments, which are popular in China and other Asian countries. </p> <p> </p> <p> UnionPay, China’s national payment system, was established in 2002 and has gained de facto international status since 2005. Currently, Union Pay cards can be used to pay for goods, services and cash withdrawal in 180 countries and regions of the world. End </p> <p> </p>
2021-10-20
Primepress
China’s UPI plans to launch Money Express money transfer service between Belarus and China
MINSK, Oct 19 - PrimePress. China’s Union Pay International (UPI) plans to launch Money Express money transfer service between Belarus and China. CEO of Union Pay’s Russian branch Xia Yu made a statement to his effect at the XVII International Forum on Banking Information Technology “BANKIT-2021”.
He noted that currently UPI relies on two products that promote regional integration - Money Express money transfer service and Huawei Pay payment service.
Xia Yu points out that remittances have become a large and stable form of external financing in developing countries. In 2018, for example, mainland China received $64 billion in incoming remittances, the second-largest in the world, and it has continued to grow in recent years: amid the pandemic, there has been a surge and remittances, particularly in Union Pay, have increased tenfold.
“The remittance service in China is very well developed. This is our distinctive product designed to help customers receive funds to their RMB accounts as quickly and conveniently as possible. There is a possibility to transfer by phone number without specifying a card number, it is much more convenient. We are now actively developing money transfers between CIS countries. There are already possibilities to transfer money fr om Russia to Belarus via Money Express at advantageous and competitive tariffs. Our further plans include launching money transfers from China - for the time being this is not working due to regulatory issues,” said Xia Yu.
In his words, the advantage of the service is that the exchange rate is fixed at the time of the transfer, meaning that the sender knows exactly how much will arrive in the recipient’s account. Money can be sent via Money Express to all regions wh ere Union Pay cards are issued. There are several channels for making transfers, both offline (bank office, cashiers) and online (website or app).
“Money Express is as secure as possible because the funds are credited directly to the recipient’s account. UPI provides security controls and is fully compliant with the requirements of the regulators, the central banks. It features a simple fee schedule and a relatively low exchange rate, which is beneficial to customers and makes it more attractive. For UPI payment system participants the implementation of Money Express is quite fast (3-4 months) and this work is not resource intensive”, said Xia Yu.
As for Huawei Pay, he noted that it supports two popular tools - NFC payments, which are more common around the world, and QR code payments, which are popular in China and other Asian countries.
UnionPay, China’s national payment system, was established in 2002 and has gained de facto international status since 2005. Currently, Union Pay cards can be used to pay for goods, services and cash withdrawal in 180 countries and regions of the world. End