Thunes Connects to UnionPay Network for Near Real-Time Payments into China
Thunes has launched instant money transfer services to China’s mainland following a deeper collaboration with UnionPay International.
The partnership introduces a direct technical connection between Thunes’ Direct Global Network and UnionPay’s infrastructure, expanding support for the UnionPay MoneyExpress remittance service.
The integration allows Thunes’ members, including banks, digital banks, e-wallets, super apps, gig economy platforms and money transfer operators, to send funds directly to UnionPay debit cards issued by 79 major Chinese banks.
This includes ICBC, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications and China Merchants Bank.
Cross-border transfers to China have traditionally involved recipients having to manually declare funds, along with hidden fees and delays.
With the new connection, payments are credited to recipients in real time or within 12 hours, with exchange rates confirmed upfront and funds delivered directly in renminbi without manual intervention.
The service enables what both companies describe as a pay-to-card experience, where international transfers follow a domestic-style payment flow.
Aik Boon Tan
Aik Boon Tan, Chief Network Officer at Thunes, said,
Featured image: Edited by Fintech News Hong Kong, based on image by fadfebrian via Freepik
The post Thunes Connects to UnionPay Network for Near Real-Time Payments into China appeared first on Fintech Hong Kong.
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