Visa launches new payment product designed to simplify cross-border B2B payments for small and medium businesses operating in China.
Visa and LianLian Global have announced the deepening of their cooperation and the launch of a new payment product for business payments worldwide - Yueda Card. The product is designed for LianLian Global customers, primarily small and medium-sized businesses, who will be able to make convenient and secure cross-border online payments with its help.
LianLian Global is one of China's largest FinTech companies specializing in cross-border payments and financial services for e-commerce and other industries. It provides solutions to facilitate cross-border transactions, helping SMEs efficiently conduct business in global markets.
By leveraging Visa's global payment network, the new business card will be useful in a variety of application scenarios that require cross-border payments. In particular, the Yueda Card will 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 in the first three quarters of 2024, the volume of cross-border transactions related to import and export in China's e-commerce sector amounted to 1.88 trillion yuan. At the same time, more than half of the companies said that they faced problems of uncertainty in the context of the final amount of commission funds, the speed of processing transactions, and the fact of their receipt when making cross-border B2B payments. The new solution is designed to eliminate these problems and optimize corporate cash flow management.
