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Wirecard Signs MoU With UnionPay To Form Strategic Partnership

Wirecard AG (WRCDF.PK), a German provider of electronic payment and risk management applications, said that it has signed a memorandum of understanding or MoU with UnionPay to form a global strategic partnership that will support UnionPay's ongoing international expansion and Wirecard's growth in China.

Wirecard noted that the partnership will focus on expanding the global acceptance of UnionPay as a digital payment method across all channels. In addition, the partnership will also launch a number of issuing projects, including corporate solutions such as payout products and SCP or Supplier and Commission Payments, and consumer-oriented products in the form of digital wallets for incoming tourists to China.

The initial stage of the partnership will focus on launching additional projects in Asia-Pacific, Europe and the US, where both partners already work together for several years. Especially point of sale and issuing solutions will merge with the existing online payment business.

Wirecard said, "Additionally, a consumer solution for the upcoming 2022 Winter Olympics in Beijing is being planned to take advantage of the large number of tourists who will visit the country."

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