MiFinity, a major e-money payments provider headquartered in Ireland with worldwide operations, continues to expand international business by adding a newly designed, multi-currency prepaid UPI card to their extensive portfolio of physical and virtual cards. This recent achievement places MiFinity among the first issuers of the Chinese Card Network in Europe.
The target customers of this new payment product are frequent business travellers to China, who can load this prepaid card in their local currency to use in China as renminbi. Card holders benefit from the huge capillarity of the UPI acceptance network in the country as well as from lower currency conversion fees directly governed at issuer level.
UPI cards issued by MiFinity are managed on TAS Group’s cashless 3.0®.
With the cashless 3.0 suite, issuers and processors easily create and manage a variety of innovative card products for the rapidly evolving payments market.
TAS Group’s solutions have been decisive to MiFinity developing innovative digital services and new market opportunities in the issuing area. Direct connection to Union Pay gives MiFinity the agility to quickly increase card offerings and services to their customers,” said Andrea Bianchi, Senior Vice President International Sales of TAS Group. “We are proud to support MiFinity in pursuing new business models and in achieving their targets in international growth.”
“With more than 3.5 billion UnionPay cards issued internationally and over 10 million overseas online merchants across 200 countries accepting UnionPay cards, this is a significant revenue opportunity for Mifinity. This license will open up new market segments whilst adding a new product vertical to the Mifinity payment platform”, says Michael McDevitt, Chief Product Officer, Mifinity.