Paynetics teams up with UnionPay to issue cards in the EEA

By Megha Bhattacharya

FinTech Paynetics AD announced a partnership with UnionPay International in a bid to enable the former to issue cards within the European Economic Area (EEA). The partnership will help Paynetics to extend its reach across Europe for both B2B and B2B2C customers.

Rob Anderson, Managing Director, Paynetics Global commented, “We’re really proud to announce our partnership with UnionPay International as we have now become one of the most comprehensive and far-reaching card issuers in the EEA and have the backing of another of the top card schemes in the world. The milestones in our European expansion are coming thick and fast as we continue to grow rapidly, but it’s still of utmost importance to us that we keep our deep industry knowledge and technical expertise at the heart of what we do, as well as the care we offer to Program Managers around the globe.”

Paynetics offers payment technology solutions including issuing, acquiring, state of the art payment services, IBANs, money transfers, eWallets, mobile payments and software POS. It is a regulated e-money institution which is licensed across the EU and is a Principal Member of Mastercard, Visa, SWIFT, and a member of SEPA.

Recently, Paynetics announced the launch of a new digital wallet product B@CB Pay along with the collaboration of phyre and commercial bank Bulgarian American Credit Bank (BACB). The new solution is expected to utilise phyre’s digital banking platform and Paynetics’ range of payment services, including its payment tokenization technology.

Zhihong Wei, Market Director, UnionPay International, said, “It’s a great pleasure for UnionPay to cooperate with Paynetics, who will provide European companies with a new option of payment card. With a comprehensive acceptance network of online, offline and contactless payment platforms, UnionPay has established a safe, fast and convenient payment environment for cardholders. We are looking forward to bringing a unique card experience to the EEA region.”