BEIJING, Nov. 26, 2024 /PRNewswire/ — Today, Visa, the world’s leading digital payment brand, and LianLian Global announced at the 2024 China International Supply Chain Expo (hereinafter referred to as "CISCE") that they will deepen their cooperation and launch the global business payment product Yueda Card, providing comprehensive cross-border business payment experiences for LianLian Global customers. Through LianLian Global’s innovative capabilities and Visa’s global payment network, corporates and SMEs can use the Visa digital business card issued by LianLian Global to complete cross-border payments online efficiently, conveniently and securely. This service will fulfill the cross-border payment needs in various scenarios from global e-commerce sellers, foreign trade companies, online travel platforms and travel agencies, travel management companies, advertising agencies, supplier payments, etc.
China’s cross-border e-commerce market has huge scale and development potential. Data[1] from General Administrator of Customs show that in the first three quarters of 2024, China’s cross-border e-commerce import and export volume was 1.88 trillion Yuan, a year-on-year increase of 11.5%, which was 6.2 percentage points higher than China’s overall foreign trade growth rate in the same period. According to the "Visa China Small, Medium and Micro Enterprises Cross-border Payment Pain Points Report"[2], 50% of companies said they faced the problem of "uncertainty in accepting accounts" when making cross-border corporate payments. That is, when companies process cross-border corporate payments, it is impossible to confirm whether the beneficiary receives the money. Followed by 45% of companies believe that "fee collection cannot be predicted", 44% of companies think that "transaction time cannot be predicted", etc. Security issues such as "fraud risks in transactions" and "processing and investigation of abnormal transaction issues take too long" are also pain points considered by business owners.
In response to the pain points of cross-border enterprises in global payment, LianLian Global has deepened its strategic partnership with Visa, become a Visa issuing membership and launched the Yueda Card, a global business payment product. The product provides a series of digitalized experiences such as online top-up, multi-currency settlement and online invoices, helping corporates and SMEs complete online cross-border payments more efficiently and securely than traditional, time-consuming manual payment and accounting approach. It helps customers reduce costs, increase efficiency, and optimizes the management of corporate cash flow.
Shirley Yu, Group General Manager of Visa Greater China, said: "As the world’s leading digital payments company, Visa is pleased to deepen our cooperation with LianLian Global, China’s leading cross-border payment solution provider. According to "The Growth Corporates Working Capital Index 2024"[3] by Visa, working capital is the foundation for businesses’ growth and success. Through Visa’s global payment network and LianLian Global’s innovative technology, we jointly launch a digital solution that is more suitable for various cross-border business payment scenarios and improves working capital efficiency. We believe that this solution can truly help cross-border merchants solve payment problems and will also accelerate the development process of cross-border payment service ecosystem."
Tim Shen, Senior Vice President of LianLian Digital and co-CEO of LianLian Global, said, "In today’s world of global integration and increasingly complex cross-border payments, it is of great significance for LianLian Global to deepen cooperation with Visa. We hope to help enterprises simplify their payment processes and make payments easier through our joint capabilities. In the future, LianLian Global will continue leveraging its professional capabilities in cross-border payment solutions, working together with Visa to inject constant vitality into the cross-border payment service ecosystem, and make more companies benefit from accessing convenient and efficient cross-border financial services".
"I can easily pay for air tickets, hotels, local guides, tickets…Yueda Card can cover my payment needs in all scenarios. It is fast and cost-effective, achieving both cost reduction and efficiency improvement. It enables a very smooth booking experience for cross-border Online Travel Agencies." An international Online Travel Agency (OTA) customer said, ‘With one Yueda Card,you can easily manage global payment and collection within one account, and the process is simple, safe and convenient. In various areas such as cross-border e-commerce, foreign B2B trade, platform business, and overseas education, there are such customer voices, "One Yueda card is enough for my global payment". Yueda Card supports global instant payment in various scenarios, accurately solves the payment needs of multiple scenarios, and provides strong support for the development of cross-border corporate business.
For more information about Visa Commercial Solutions, please visit: https://www.visa.cn/products/visa-commercial-pay.html. For more information about LianLian Global card solutions, please visit: https://global.lianlianpay.com/products/vcc.
About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at www.visa.cn.
About LianLian Global
LianLian Global, as the core brand of cross-border payment under LianLian DigiTech, is a comprehensive and innovative enterprise in cross-border finance and services in China. With strong compliance strength and technological innovation capabilities, LianLian Global has built a global financial network to reach the world and a trade service network to cover the entire life cycle of merchants. Focusing on the core needs of cross-border enterprises, LianLian Global, together with industry eco-partners, has created a one-stop cross-border trade service platform that integrates store opening assistance, global funds collection, global acquiring, global payout, LianLian FX[1], LianLian financing service platform[2], tax refund assistance and other services to help Chinese brands expand their overseas markets.
Official website: https://global.lianlianpay.com
[1] The exchange rate of LianLian Global FX business is provided by partner banks.
[2] The financing products and corresponding contents displayed on the Lianlian financing service platform are provided by relevant licensed institutions.
[1] General Administrator of Customs: https://www.gov.cn/lianbo/bumen/202410/content_6980300.htm
[2] Sina Finance: https://cj.sina.com.cn/articles/view/1733360754/6750fc7202000qsjp
[3] The Growth Corporates Working Capital Index: 2024-25-middle-market-growth-corporates-working-capital-index.pdf
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