Illinois-based daVinci Payments has announced it is releasing a Chinese Yuan (CNY) corporate-funded prepaid card for employees or customers of multi-national corporations.
The launch makes daVinci, formerly Swift Prepaid, the first North American program manager with this offering. The company has partnered with UnionPay to provide virtual and physical cards that will be accepted at point-of-sale terminals in China. Peoples Trust of Canada is the product issuer.
“At daVinci, we serve many global companies that regularly pay and incentivize consumers, employees and partners in China,” Maggie O’Toole, senior director of partner operations at daVinci, said in a press release. “With the addition of CNY to our platform, we have an enhanced ability to support our customers in issuing real-time funding globally in a seamless and customizable way.”
“The ability to offer a product in CNY allows us to enter new markets and offers our existing global customers an additional critical currency,” added Nat Salvione, chief commercial officer at Tango Card. “daVinci’s new offering is a fantastic addition to our catalog serving companies with global reach.”
The CNY cards will enable cardholders to make immediate purchases in stores and online.
June Chen, general manager at UnionPay International Americas, said, “daVinci has a deep understanding of the global payments landscape and a successful track record of implementation, therefore we knew it was the right partner for launching this corporate-funded card product that ultimately serves cardholders’ needs and habits.”
The currency lineup at daVinci also includes U.S. dollar, Canadian dollar, Euro, British pound, Japanese yen, Australian dollar, Hong Kong dollar, Swiss franc and Indian rupee. The company currently offers digital and physical card payments in more than 160 countries, 21 languages and 10 currencies.
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