Payments processor Rev Worldwide and UnionPay International, a subsidiary of China UnionPay, have entered into a partnership to handle prepaid card issuance.
Rev Worldwide is now a UnionPay International registered non-bank third party service provider. The relationship will leverage Rev's global processing platform, prepaid product set, program management and multi-currency payments capabilities. It will also use UnionPay's network of issuers, merchants and corporate partnerships.
Rev's original focus is in emerging markets, but over the past several years it has expanded into developed markets such as the U.S.
"The collaboration with UnionPay is an important step towards our goal of being the global prepaid platform," says John Mitchell, CEO of Rev Worldwide, in a Jan. 27 press release.
UnionPay has also partnered with Discover to offer prepaid cards in the U.S.