UnionPay Taps Rev for Global Prepaid Push (Jan. 27, 2014)
Austin, Texas-based prepaid processor Rev Worldwide has partnered with Chinese payment card giant UnionPay to “grow prepaid market opportunities around the world.” Under the agreement, Rev becomes a registered non-bank third party service provider for UnionPay International, the subsidiary of UnionPay focused on the company’s international expansion. UnionPay brings its international issuer network, leading merchant acceptance network in China and corporate partnerships to the agreement, while Paybefore Award-winning Rev brings its proprietary global processing platform, prepaid product set and program management services.
“Given UnionPay’s history of exponential growth and geographic expansion, we have the opportunity to redefine the prepaid landscape by offering their branded options to banks and other partners looking to capture the category’s increasing opportunity,” said John Mitchell, CEO, Rev Worldwide.
Shanghai-based UnionPay is among the largest payment card brands in the world, with more than 3.5 billion cards issued. While the majority of those cards are in China, the company has undertaken an aggressive global expansion strategy in recent years, with its cards now accepted in more than 140 countries and regions. UnionPay entered the U.S. market last year with the announcement of a new prepaid travel card issued by The Bancorp. In August 2012, the network partnered with Commercial Bank of Dubai to issue a dual-currency prepaid card in the Gulf Cooperation Council region. And in November 2010, UnionPay and Vietnam’s state-owned Sacombank teamed up on a card acceptance and prepaid agreement in that country. Back in 2005, UnionPay inked a reciprocal acceptance deal with Discover that has formed the cornerstone of much of its subsequent international expansion.
