CardUp, a digital credit card platform, has announced a partnership with payments giant Visa to expand into the Hong Kong market.
Photo credit: CardUp
The Singapore-based fintech startup will allow businesses in Hong Kong to make payments with credit cards in instances where the recipients do not accept card payments. Businesses can also use their available credit limit to delay the outflow of an expense for up to two months on payments to over 100 countries.
“A business credit card can also double up as a planning and budgeting tool,” said Maaike Steinebach, general manager of Visa in Hong Kong and Macau. “Our partnership with CardUp helps businesses extend their days of payable outstanding and optimize their working capital with their commercial cards, crucial under the current business climate.”
CardUp, licensed by the Monetary Authority of Singapore as a major payment institution, helps shift payments currently made by cash, check, or bank transfers onto credit cards. It currently works with major banks in the region such as Citi, DBS, and United Overseas Bank.
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According to a research by JP Morgan, digital wallets are the second-most popular payment option in Hong Kong and are used for a quarter of all ecommerce transactions, or US$900 million annually. The research broker also expects digital wallet transactions to grow faster than card transactions in 2021.
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