AUCKLAND, New Zealand, Nov. 29, 2022 /PRNewswire/ -- UnionPay International ("UPI") recently announced a partnership with Tranxactor New Zealand Limited ("Tranxactor") for the launch of PayZe, a contactless prepaid payment card in plastic and digital formats. Coupled with a mobile wallet for Android and Apple, PayZe provides cardholders with full transparency and control over their prepaid accounts.
PayZe introduces the convenience of contactless payment to the prepaid payment and gift card market, along with a digital wallet enabling the cardholder to fully manage their PayZe card, view balances and transaction history. PayZe will be available in both chip-based plastic and fully digital formats. The digital PayZe will offer enhanced functions such as peer-to-peer funds transfer and reload, as well as using a mobile phone for 'tap-and-go' payment using near-field communication (NFC).
PayZe will launch on November 28 in New Zealand, meaning kiwis will be able to use the card not just at home, but also when they're abroad in some of the top travel destinations for New Zealanders.
Mr. Li Chuang, UPI New Zealand General Manager, said: "Partnering with a Fintech payment company such as Tranxactor delivers a range of unique opportunities for kiwis including gifting and using UnionPay cards around the world, accessing the app to manage cards, use payment methods, and access special offers and privileges from partner merchants"
UnionPay is accepted at more than 80,000 merchants in New Zealand and 55 million merchants worldwide. With vast experience in helping partners and merchants build value-added services, UnionPay will assist Tranxactor to offer payment products that go beyond traditional payment cards by enabling app-centric payment capabilities and value-added services such as money transfer, loyalty earn/burn, coupons, in-app, and contactless payments.
Headquartered in Auckland, Tranxactor supports many of New Zealand's brand name retailers, shopping malls and hospitality chains with a range of specialist cloud-based services including consumer loyalty programmes and financial services such as branded gift cards, Christmas savings clubs, and stored-value payments in plastic and digital formats. PayZe is Tranxactor's first open-loop prepaid payment product that is universally welcome wherever UnionPay cards are accepted.
"Tranxactor prides itself on offering an extended range of loyalty and payment options for its retail clients. We are delighted to expand our payment services through our partnership with UnionPay International, which now enables us to offer our own equivalent of scheme-based prepaid payment products. This also brings co-branded opportunities to our retail and corporate clients," said John Norrie, Global CEO of Tranxactor.
About Union Pay International
UnionPay International (UPI) is focused on the growth and support of UnionPay's global business. In partnership with more than 2500 institutions worldwide, UPI has enabled card acceptance in 181 countries and regions, with issuance in 77 countries and regions. UPI provides high-quality, cost-effective, and secure cross-border payment services to the world's largest cardholder base, and ensures convenient local services to a growing number of global UnionPay cardholders and merchants.
Tranxactor New Zealand Limited (Tranxactor) is headquartered in Auckland, New Zealand with teams based in Australia, the Philippines, the UK, and Europe. The company has been operating since 2002, providing a range of payment and consumer loyalty services to the retail, hospitality and QSR sectors. Tranxactor is a leading provider of plastic and digital gift cards to many leading retail and shopping mall brands in New Zealand. For more information on Tranxactor, please visit https://www.tranxactor.com