Visa & LianLian Global launch Yueda card for cross-border business payments

By Gloria Mathias

Visa and LianLian Global announced at the 2024 China International Supply Chain Expo (CISCE) that they will deepen their cooperation and launch the global business payment product Yueda Card, which will provide comprehensive cross-border business payment experiences for LianLian Global customers.

Through LianLian Global’s capabilities and Visa’s global payment network, corporates and SMEs can use the Visa digital business card issued by LianLian Global to complete cross-border payments online efficiently, conveniently, and securely. This service will fulfill the cross-border payment needs in various scenarios from global eCommerce sellers, foreign trade companies, online travel platforms and travel agencies, travel management companies, advertising agencies, supplier payments, etc.

According to the Visa China Small, Medium, and Micro Enterprises Cross-border Payment Pain Points Report, 50% of companies said they faced the problem of “uncertainty in accepting accounts” when making cross-border corporate payments. That is, when companies process cross-border corporate payments, it is impossible to confirm whether the beneficiary receives the money.

In response to the pain points of cross-border enterprises in global payment, LianLian Global has deepened its strategic partnership with Visa, become a Visa issuing membership, and launched the Yueda Card, an international business payment product.

The product provides a series of digitalised experiences such as online top-up, multi-currency settlement, and online invoices, helping corporates and SMEs complete online cross-border payments more efficiently and securely than traditional, time-consuming manual payment and accounting approaches.

Shirley Yu, Group General Manager of Visa Greater China, said, “Through Visa’s global payment network and LianLian Global’s innovative technology, we jointly launch a digital solution that is more suitable for various cross-border business payment scenarios and improves working capital efficiency. We believe that this solution can truly help cross-border merchants solve payment problems and will also accelerate the development process of a cross-border payment service ecosystem.”

Tim Shen, Senior Vice President of LianLian Digital and co-CEO of LianLian Global, said, “In today’s world of global integration and increasingly complex cross-border payments, it is of great significance for LianLian Global to deepen cooperation with Visa. We hope to help enterprises simplify their payment processes and make payments easier through our joint capabilities. In the future, LianLian Global will continue leveraging its professional capabilities in cross-border payment solutions, working together with Visa to inject constant vitality into the cross-border payment service ecosystem and make more companies benefit from accessing convenient and efficient cross-border financial services.”