Visa Inc. (NYSE:V) on Tuesday disclosed an agreement with UnionPay International (UPI) to facilitate cross-border money transfers into Mainland China via Visa Direct.
The service, which once fully implemented, is expected to allow clients to send remittances and business-to-consumer payments to over 95% of UnionPay International debit cardholders in Mainland China through a single connection.
By linking Visa Direct's global money transfer network with UPI's MoneyExpress platform, Visa aims to offer a smoother, more secure, and transparent way for individuals and businesses worldwide to send funds to Mainland China, one of the world's largest remittance markets.
This deal underscores Visa's commitment to expanding global payment corridors and delivering dependable money transfer solutions to users around the world.
The enhanced Visa Direct integration with UnionPay International is slated to become available in the first half of 2026.
Management Commentary
Larry Wang, CEO of UnionPay International, added, “This cooperation with Visa represents a precise alignment of the two sides’ strengths and is also an active response to the digitalization and convenience trends in global cross‑border remittances.”
”It will allow more overseas users to enjoy low‑cost, high‑efficiency, and trustworthy cross‑border remittance services, while delivering business growth to partners at home and abroad and supporting the development of a broader, more efficient global cross‑border remittance service ecosystem.”
Recent Earnings Release
Last month, the company reported quarterly earnings of $3.17 per share, which beat the consensus estimate of $3.14 and revenue of $10.9 billion, which beat the Street estimate of $10.69 billion.
Price Action: V shares are up 0.29% at $334.80 at the last check on Tuesday.
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