Visa, a global leader in digital payments, and LianLian Global, a prominent cross-border payment solution provider, have announced the launch of the Yueda Card.
This collaboration aims to enhance cross-border payment experiences for businesses, particularly SMEs and corporates, by leveraging Visa’s global network and LianLian Global’s innovative technology.
The partnership is driven by the growing demand for efficient, secure, and seamless cross-border payment solutions in the Chinese e-commerce and foreign trade sectors. Data from the General Administrator of Customs highlights China’s cross-border e-commerce market growth, with import and export volumes reaching 1.88 trillion yuan in the first three quarters of 2024, up 11.5% year-on-year. However, challenges persist, including payment security, unpredictability in transaction times, and high fees.
Visa brings its expertise as a leading digital payment brand, providing a robust global network that supports secure transactions across various industries. LianLian Global, renowned for its cross-border payment innovations, offers businesses solutions for streamlining international transactions, reducing costs, and improving cash flow management.
The Yueda Card introduces features like online top-ups, multi-currency settlements, and digital invoicing. This product is particularly beneficial for industries including e-commerce, foreign trade, online travel, and supplier payments, offering fast and cost-effective solutions.
Speaking on the partnership, 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, added, “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”.
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