Frequently asked questions

About MoovPay

MoovPay is a Principal Member of UnionPay International and a payment processor. MoovPay is authorised to create and maintain your Merchant Account with UnionPay, to enable your business’s UnionPay acceptance. Together with MoovPay’s own payment processing system and MoovPay Online Platform, MoovPay provides B2B and B2C businesses start till end payment services and solutions. MoovPay streamlines billing and payment collection processing by allowing you to bill and collect your payments electronically and automatically, for the selling of goods and services to your customers. MoovPay’s tailored, secure payment solutions include but are not limited to B2B and B2C e-commerce, SME-focused payment solutions such as mobile POS system, SMS and email payments.

The acquirer, also known as an acquiring bank or merchant bank, is a bank or financial institution, licensed as a member of a card association (like UnionPay, Visa or MasterCard), that creates and maintains the Merchant Account with the card network. An Acquirer, together with the Card Issuers (Banks) and Card Association (VISA/Mastercard/UnionPay), makes up the primary entities of the card payment processing between merchants and cardholders.

An acquirer is responsible for receiving the card transaction details from the merchant’s terminal, passing these through to the card issuer via the card scheme for authorisation and completing the processing of the transaction. The acquirer will arrange the card transaction’s settlement and will typically credit the merchant’s nominated bank account with the funds in accordance with the service agreement.

The Acquirer also accepts the risk that the merchant will remain solvent in cases of transaction reversals, such as refunds and chargebacks, where the acquirer is responsible to recover the amount from the merchant or bear the reversal amount in case of merchant insolvency.

There are bank and non-bank licensed acquirers responsible for helping card associations acquire and maintain merchant accounts.

There are bank and non-bank licensed acquirers responsible for helping card associations acquire and maintain merchant accounts.

Card Associations such as VISA, Mastercard and UnionPay sit at the centre of the payment industry, but do not issue cards or merchant accounts. Card Associations rely on acquirers to onboard merchants to widen the acceptance of their card brand as a payment choice in the market. Similarly, on the card issuing side, Card Associations partners with many Issuing Banks to increase the number of cardholders, thereby increasing the paying potential of their card network. Therefore, Card Associations have both bank and non-bank acquirers that serves different specified industries or provide different value-added services. However, Card Associations have strict criteria for acquiring merchants for their card network, and only provides licenses to acquirers that can provide a strong proposition that helps them to expand their acceptance network.

Card associations primarily facilitates transactions among consumers, merchants, processors, and banks, supplying the electronic networks and infrastructure that allow all the players to communicate and process transactions. Other primary responsibilities of the Card Association are to govern the members of their associations, including interchange fees and qualification guidelines, act as the arbiter between issuing and acquiring banks, maintain and improve the card network and their brand.

A Merchant Account is a special account that enables your business to accept payments by cards. Card payments can only be processed through a Merchant Account. You must have a Merchant Account to be able to accept card payments.

Card associations primarily facilitates transactions among consumers, merchants, processors, and banks, supplying the electronic networks and infrastructure that allow all the players to communicate and process transactions. Other primary responsibilities of the Card Association are to govern the members of their associations, including interchange fees and qualification guidelines, act as the arbiter between issuing and acquiring banks, maintain and improve the card network and their brand.

When Merchants want to accept and process card transactions for the goods and services that are rendered to their customers, they need to sign a contract with an Acquirer. During the payment process, the Acquirer authorizes card transactions and connects issuing banks via the card network channel on the Merchant’s behalf.

If the purchase is approved, the funds are settled to the Merchant via the Acquirer.

No. MoovPay is a Certified Principal Member of a Card Association, while PayPal, AliPay and WeChat Pay are 3rd Party Payment Service Providers.

No. As a Principal Member of UnionPay International, MoovPay is a primary party in the card processing network, responsible of creating and maintaining your own merchant account with the Card Network (UnionPay). Third-Party Payment Service Providers operates outside of the primary entities to provide payment services to merchants, and usually require users to top-up value into these 3rd party accounts or e-wallets. MoovPay processes transactions on behalf of merchants when they sell their goods and services and make settlements to the merchants’ bank accounts according to the rules and regulation as provided by the card association, UnionPay International.

PayPal is one good example of an online payment portal that acts as a third party in a retail transaction. PayPal acts as the merchant at the acquirer bank and allows merchants to make transaction through PayPal’s own merchant account via the PayPal Payment Service, thus “sharing” their own merchant account with the merchants that transacts through them. Such utilisation of their own merchant account to provide payment services for other merchants is also commonly known as a Master Merchant Account or Super Merchant Account.

AliPay and WeChat Pay is another example of 3rd Party Payment Service Provider, who operates outside of the card association network by using direct link with banks using multiple bank accounts, though this is being prohibited now in China.

A Master Merchant (also known as Super Merchant, Payment Facilitator) typically has a contract with the acquiring bank and onboards merchants on a sub-merchant platform. For the uninitiated, a sub-merchant platform involves a Master Merchant who already has a merchant account with the acquiring bank. The Master Merchant onboards and allows merchants to make transaction through its own merchant account, packaged as a 3rd Party Payment Service, thus “sharing” their own merchant account with the merchants that transacts through them. Paypal and Square are 2 popular examples of this. For further information on Master Merchants account, you can contact a MoovPay Representative at cs@moovpay.com.

As an All-In-One Platform, MoovPay provides Merchants with a full suite Online Payment Solution, from creating and maintaining merchant accounts for merchants, to processing payments directly through MoovPay’s own payment gateway, developed by MoovPay’s inhouse experts.

Even as there are many payment gateways and 3rd party payment services in the market, few of them provides a full value-added service like MoovPay. While the primary responsibility of MoovPay as a Certified Principal Member, it is to create and maintain the merchant account for your business, Moovpay provides merchants with further front-end value added services such as the MoovPay Online Platform, while also developing and managing the back-end payment processing via the in-house Payment Gateway.

Merchants using MoovPay effectively cuts out traditional middlemen in the payment chain, such as Master Merchants and Third-Party Payment Gateways, resulting in better efficiencies and lower costs. MoovPay helps you to save time and money and make payment management a hassle-free experience.

The gateway takes the card details that customers enter in on the website or payment platform and transfers it to the processor to get the funds released to the Merchant Aaccount. The payment gateway allows you to connect your website to the payment processor. It authorizes cards and electronic payments by encrypting the sensitive data. That is how the customer’s money gets into your Merchant Aaccount.

Founded in March 2002, UnionPay (also known as China UnionPay or by its abbreviation, CUP) is a bankcard association established under the approval of the State Council and the People’s Bank of China, the central bank of China. UnionPay function as a card organization and collaborate with commercial banks to maintain the discourse right and a dominant position in China’s bankcard industry, safeguard the economic and financial security of China, further promote the development of bankcard industry, as well as provide quality, safe and efficient bankcard service for the public. The ultimate goal of UnionPay is to become a bankcard association with national authority and trustworthiness as well as international competitiveness and influence, and to create an independent payment brand of China with global influence that serves China and more countries and regions.

UnionPay is also the only interbank network in Chinese mainland that connects all of the ATMs of all banking companies throughout China.

Find out more about UnionPay here.

UnionPay International (UPI) is a subsidiary of China UnionPay focused on the growth and support of UnionPay’s global expansion. In partnership with more than 1800 institutions worldwide, UnionPay International has enabled card acceptance in 168 countries and regions with issuance in 48 countries and regions. UnionPay International 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.

More information is available here.

You are welcome to visit our office to inspect our certificates and licenses. Alternatively, you can also contact UnionPay International here to verify the acquiring status of MoovPay.

Yes, we are a Certified Principal Member of UPI network. We have passed the stringent T25 tests. We are also PCI DSS and Trustwave certified.

No. As an acquiring member of UnionPay International, MoovPay’s scope of merchant acquiring is within designated countries that MoovPay is licensed to acquire.

However, MoovPay has a subsidiary called MoovMall, which is a global e-commerce platform that provides merchant an online platform to buy and sell products and services.

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