Paysend introduces instant cross-border payouts to China UnionPay Cards

UK-based fintech company Paysend has announced the launch of instant cross-border payouts to China UnionPay cards for its Enterprise customers.

By introducing the new capability, Paysend intends to enable businesses to utilise the reach and reliability of its Enterprise single API to conduct cross-border transactions directly to UnionPay cards issued in China. This aims to complement the Visa, Mastercard, and Account Payout features to more than 165 countries currently provided by the company. Additionally, firms are set to be able to embed payouts to UnionPay cards into their workflow, allowing them to benefit from real-time FX rates and notifications, which in turn ensures their payment needs are constantly met.

The decision to launch the new service can be attributed to the current payment landscape, where businesses face several complexities when transferring funds to China, mainly due to the limited support for UnionPay cards. This frequently leads to delayed transactions, increased costs, and operational difficulties.