UnionPay International (UPI) announced the launch of UnionPay PaybyLink, a link-based payment service, to provide merchants with a minimalist digital sales solution.
„With this solution, merchants are able to sell their products in just a few minutes by offering online payment service to UnionPay cardholders via means such as SMS and e-mail, without the need to open online stores on e-commerce platforms,” the company said.
The newly released Global Cross-Border E-commerce Development Report forecasts that COVID-19 is expected to trigger more online purchases with the world’s online retail sales surging to USD 4.8 trillion by 2021. In response to consumers’ changing payment habits, UnionPay International has collaborated with financial institutions and Internet companies to have UnionPay cards accepted by over 20 million online merchants in more than 200 countries and regions.
The fast-growing e-commerce world offers great appeal to small and micro merchants. However, in some markets, they are held back by issues such as unavailability of mature e-commerce platforms and high barriers for self-owned online store. To clear away these obstacles, UPI launches UnionPay PaybyLink by leveraging technologies in online payment service and digital authentication.
After accepting orders and agreeing on the delivery method with customers, the small and micro merchants can enter order details on the supporting platform to swiftly generate a payment link which can be shared with customers in different ways.
„The customers can call up the UnionPay App to pay by clicking on the link. Alternatively, they can pay on mobile phones, PCs or other terminals by entering UnionPay card details and one-time passwords,” UnionPay said.
This payment service will offer convenience for many parties concerned. The merchants can serve UnionPay cardholders worldwide without development cost which helps them win over more customers. They can also track payment status at the back-end anytime and optimize their order management. The UnionPay cardholders are given more online shopping options and a secure and seamless payment experience. The acquirers can quickly expand merchant base and optimize their business strategies.
This service benefits not only small and micro sellers but also larger ones in different sectors, including traditional department stores and property management service providers. During the pandemic, over 100 merchants registered at well-known acquirers in markets such as Hong Kong, Southeast Asia and the United States have enabled this service. In doing so, they managed to ensure business continuity by allowing customers who were not able to visit the stores to pay for their purchases online.
Next, UPI will connect UnionPay PaybyLink to u·plan, the cross-border marketing platform. That means customers will be able to get u·plan coupons provided by merchants for exclusive offers as they receive payment links. In addition, the new service is expected to incorporate diverse functions including logistics and customs clearance, and will support live video selling and other emerging use cases for purchasing.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
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