swap28 Jul 2012 23:57
MoneySwap appointed as China UnionPay MoneyExpress partner
MoneySwap Plc (AIM:SWAP), the Asia focused pre-paid card and online money services business, and China UnionPay, one of the largest bankcard network operators , are pleased to announce a partnership appointing MoneySwap as a global partner for China UnionPay's MoneyExpress Service.
China UnionPay's newly launched MoneyExpress Service enables individuals and businesses outside of China to send funds directly to holders of UnionPaydebit and credit cards within China in a secure, convenient and prompt manner. Through MoneyExpress, a fund transfer into China can be verified within minutes significantly reducing the time associated with sending funds from overseas compared with traditional transfer methods.
Funds received via MoneyExpress onto a UnionPay card may then be withdrawn as cash at ATM's or spent in shops in the normal way. Indeed, as a result of UnionPay card's increasingly wide acceptance, funds received via MoneyExpress can be withdrawn in local villages and towns across China in addition to the major cities. The Directors of MoneySwap believe this gives the service a significant competitive over other international transfer services currently operating in China.
Under the partnership programme, MoneySwap will be responsible for establishing a network of MoneyExpress remittance points internationally where individuals or businesses wishing to send funds to China can access the service over the counter, via the internet or via a mobile. MoneySwap will receive revenue from MoneyExpress on a per transaction basis. The MoneySwap platform will be used to facilitate transactions for settlement and to build up a community of MoneyExpress users.
Worldwide remittance flows are estimated to have reached $351 billion in 2011 and are expected to increase to $441 billion by 2014 (source: Migration and Development Brief 17 published on the official website of the World Bank on 1 December 2011). The top recipients of remittances in 2011 were India ($58 billion), followed by China ($57 billion) (source: Migration and Development Brief 17 published onthe official website of the World Bank on 1 December 2011). The Directors consider that the factors contributing to this remittance flow include the growing number of Chinese nationals travelling, working and studying abroad and those who have migrated.