UNIONPAY BECOMES PRINCIPAL MEMBER OF NEXO STANDARDS

UnionPay International, the card payment organisation with the world’s largest cardholder base, has become a Principal Member of nexo standards, the international industry association dedicated to enabling fast, interoperable and borderless card payment acceptance.

 

As a Principal Member of nexo standards, UnionPay International will have the opportunity to participate in the work of nexo’s technical working groups and committees, working alongside other members to ensure that the nexo messaging specifications and protocols address the current needs of the payments industry. UnionPay will input to the strategy of the association too via participation in meetings such as the nexo General Assembly.

 

Zhihong Wei, Market Director and Head of UnionPay International’s European Branch said, “The issues surrounding cross border payments affect the entire payments ecosystem, from banks and payment technology providers through to businesses and consumers that ultimately make payments. UnionPay has the largest cardholder base in the world and due to the international nature of our customers we understand the need for and fully support nexo’s goal of creating a standard of international interoperability. To achieve such widespread understanding and acceptance however means that the industry must work together - nexo provides an ideal platform to do this.

 

“UnionPay will benefit from the collaboration nexo membership offers as we can tailor the innovation of our products and services to a standard that will integrate seamlessly with other parts of the payments value chain such as acquiring banks and POS manufacturers. This will help us both with existing partnerships and in negotiations with new ones. Conversely it allows UnionPay to share information and specifications relating to our own technology so other payments businesses can accommodate UnionPay products and services more easily too.”

 

nexo standards works on behalf of all card payment stakeholders to harmonise contact and contactless card payment acceptance globally. nexo standards’ messaging protocols and specifications adhere to ISO20022 standards and are universally available and applicable. The protocols promote interoperability between card acceptance and acquiring solutions. “UnionPay is an important player in the international payments ecosystem and we look forward to welcoming the insight and contributions it will bring to nexo from such a key region,” comments Claude Brun, Chairman, nexo standards.

 

“Through its membership, UnionPay has demonstrated its desire to support our mission to meet the growing requirement for interoperability in global card payment acceptance. Participating in the nexo working groups and technical committees will provide UnionPay with a platform to voice its customers’ needs thereby ensuring that our messaging protocols and specifications represent the current and future market requirements.”

 

In Europe, UnionPay is accepted at more than 3.3 million merchants in 40 countries and regions, covering more than 60% of all the bankcard-accepting merchants. Meanwhile, its global network has extended to 174 countries and regions, which covers 52 million merchants and 2.6 million ATMs worldwide.

 

Last Tweets

#nexostandards is working on behalf of all #card #payment stakeholders to promote the interoperability of card #payment #transactions. Learn more about us here: https://t.co/DCrtt5p60N #nexostandards https://t.co/0kKnFQ5Jmw

.@FIMEnews’ eBook highlights how #standardization can resolve the challenges facing stakeholders in the payments ecosystem. Download the ebook https://t.co/r6ObwzUZZ0 #nexostandards https://t.co/X9dkj7UaAI

We’re proud to be sponsoring #M2020EU 2019, the meeting place for the entire #FS ecosystem to unite & enable the future of #payments. Members can contact us to claim a registration discount: https://t.co/T0ziM4uNIE https://t.co/HgNw1MXyUJ

NSPK joins nexo standards as a Principal Member

April 30, 2019 - The National System of Payment Cards (NSPK) in Russia, today announces it has joined nexo standards as a Principal Member.

The new membership allows NSPK’s experts to participate in and contribute to the nexo standards working groups and help shape the nexo specifications and protocols in-line with the rapidly evolving needs and requirements of the payments...

nexo standards Welcomes Ten new Members to Growing Membership Base

Payment stakeholders collaborate to drive unified global card payment acceptance

As nexo standards continues to respond to the expanding needs of the payments market, the association today...

Auchan Retail takes control of its global payments with nexo standards

This case study explores how Auchan Retail is harmonising its payment acceptance infrastructure to support international requirements, lower development costs, stimulate the development of...

First Data Chooses Latest nexo standards Specifications

First Data (NYSE: FDC), a global leader in commerce-enabling technology, is one of a group of early adopters ...

Why nexo ?
Jean Diacono
AMERICAN EXPRESS PAYMENT SERVICES
Interview