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Knowledge, Payment Solution, services

UMF: the Fourth Biggest Player in China’s Mobile Payment Market

What is UMF?

Established in August 2003 by two China giants: China Mobile and UnionPay, Union Mobile Financial Technology Co., Ltd. (UMF) is a pioneering company in China’s payments and fintech markets. It serves on the board of National Internet Finance Association of China and is a standing director of the Payments & Clearing Association of China. In July 2016, UMF became the wholly-owned subsidiary of Haili Metal One (ticker: 002537), a Shenzhen Stock Exchange listed company.

What product and service does UMF provide?

Empowered by technology, UMF provides fast, reliable cross-border payment and marketing solutions. At present, they have five main business lines: Payment, Financial Information, Marketing, Digital Management, International Payment and Blockchain Application. There are three major business products: U Pay, U Credit, and U Hui, as well as several products including Yinxinbao and Lianying. All kinds of high-quality products and services are designed to provide enterprise users and individual consumers with a full range of payments, financial information and life application services.

What’s the advantage of UMF?

1) Strong User Base:

UMF ranked 4th in China’s mobile payment market in 2019. It has 450 million active Chinese users with over $130 billion (USD) worth of transactions last year.

2) Powerful Chinese Bank Network:

UMF builds powerful partnerships with over 15 major Chinese banks, including Bank of China, China Merchants Bank, China Construction Bank, etc. It offers direct overseas payment options to any Chinese bank account holder, facilitating international transactions.

3) Reliable Cross-border Payment Provider

Lastly, UMF has a Payment Business License in China (for nationwide Internet payments, mobile phone payment, and bank card acceptance) from the People’s Bank of China, the business permit for payment and settlement of fund sales of CSRC, the pilot qualification for cross-border foreign exchange payment from the State Administration of Foreign Exchange Beijing Branch and the pilot qualification for Cross-border RMB payment from People’s Bank of China.

Breaking news! Globepay has cooperated with UMF and will launch the new alternative payment method soon. If you would like to know more details, please do not hesitate to connect with us immediately!

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