Visa is introducing a new payment product designed to simplify cross-border B2B payments for small and medium-sized enterprises (SME) operating in China.
Visa and LianLian Global announced an expanded partnership and the launch of Yueda Card, their new payment product for cross-border business payments. Targeted at LianLian Global’s customers, primarily SMEs, the card offers a secure and convenient way to process cross-border online payments.
LianLian Global is one of China’s leading FinTech companies specializing in cross-border payments and financial services for e-commerce and other industries. It provides solutions that facilitate cross-border transactions, helping SMEs to operate more effectively in global markets.
By leveraging Visa’s global payment network, Yueda Card will be useful in a variety of cross-border payment scenarios. In particular, it’ll simplify financial transactions for international e-commerce platforms, payment service providers, travel and advertising agencies, logistics and trading companies, and many others.
The press release notes that China’s e-commerce import and export transactions totaled 1.88 trillion CNY in the first three quarters of 2024. However, more than half of companies said they faced uncertainty in the context of the final amount of commission fees, transaction processing times, and payment receipt confirmations. The new solution aims to eliminate these problems and optimize corporate cash flow management.
Max Krupyshev, CEO of CryptoProcessing.com, during the Purpose Driven FinTech podcast noted the convenience of crypto for cross-border transactions, travel, and other cases where cross-border payments are needed. In particular, he emphasized the convenience of stablecoins, which he argued are often more efficient than current FinTech solutions.
Visa recently expanded the geographic availability of its Visa Flexible Credential solution, which allows payment card users to switch between different payment methods using a single credential.
