Union Mobile Financial Technology Co., Ltd (UMF), which was founded in 2003 by China Mobile and China UnionPay, is an Internet based high-tech enterprise specializing in innovative services for financial institutions and industrial upgrading. In 2016, it became a wholly-owned subsidiary of Shen Zhen-listed Hailian Jinhui (002537).
UMPAY is a non-monetary digital platform for digital currency exchange where one may deposit, withdraw, transfer, buy, and sell digital assets. It focuses on five business sectors (i.e., integrated payment, financial information, big data risk control, intelligent marketing, and cross-border financial services), working with many financial institutions and large enterprises to provide financial technology services to small and medium-sized enterprises and individual users.
1. What are the benefits to using UMPAY?
UMPAY provides the following services to Wish merchants:
- Pay ProductBoost and logistics costs
- Receive payments from selling on Wish
Other benefits to UMPAY might include:
- Real-time exchange rates providing you real-time foreign currency exchange settlement service. With every exchange of your funds, UMPAY goes through the co-operative bank with the real-time cash purchase price, and there are no additional currency exchange fees.
- Convenience, as it does not subject to State Administration of Foreign Exchange (or "SAFE") annual settlement of the total amount of $50,000 limit.
- Safety, under the supervision of the People's Bank of China, SAFE, and Hong Kong Customs to ensure the safety of your funds.
2. How do I set up my store to receive funds via UMPAY?
In the Wish Merchant Dashboard > Payment > Payment Settings, click "Change Provider" and select "联动优势 (UMPAY)" from the Payment Provider drop-down list.
Follow the steps until you reach "Sign up or log in with UMPAY," where you should click to "Sign up." You will be redirected to the UMPAY website to register for an account. However, if you have already registered for a UMPAY account, then log in to your UMPAY account (if prompted, please select "already have UMPay account, immediately login").
After successfully registering or logging in, your store will automatically be tied to the registered UMPAY account. UMPAY generates an account ID for the store as the settlement ID to receive money.
UMPAY automatically redirects you back to the Merchant Dashboard to help you fill in the account ID information.
At this point, you have set up UMPAY settings on the Wish Merchant Dashboard. Either through UMPAY's website or the Wish Merchant Dashboard, you can check and manage your store account and set up your final collection of bank cards.
In the UMPAY platform, you can also view and download your wish transaction details.
3. What currency is received through UMPAY?
UMPAY exchanges to RMB. For example, if you receive a payment from Wish that is in U.S. dollars, then UMPAY exchanges that to RMB and pays it to your domestic bank card. UMPAY also supports exchanges and payment to an external/overseas account.
For more information and the latest updates, please visit the UMPAY WeChat official account (UMPAY_Global).
4. Where can I go for help?
- Hotline: 400-1568-887 (24*7 Customer Service)
- WeChat official account: UMPAY_Global
- Email: Globalservice@umfintech. com
- Consult customer manager: 173-1050-7360