Thunes and UnionPay International Expand Instant Payouts into China’s Mainland

Thunes has expanded its strategic alliance with UnionPay International to support instant cross-border consumer payouts to UnionPay cards in China’s mainland. The arrangement gives Financial Institutions, Payment Service Providers, and Money Transfer Operators a direct way to send money to cardholders through Thunes’ payout network. The connection covers UnionPay cards linked to 79 major Chinese banks. Those banks include Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC), Bank of China (BOC), China Construction Bank (CCB), Bank of Communications (BOCOM), and China Merchants Bank (CMB). The collaboration is aimed at easing limits that have long complicated remittances…