UnionPay International has inked a cooperation agreement with Standard Bank to launch its first card in South Africa. The move expands UnionPay’s acceptance network to ten African countries.
Standard Bank, which operates in 20 African countries and regions, currently accepts UnionPay cards at all its ATMs and PoS terminals in South Africa.
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Under the latest alliance, the partners intend to enable UnionPay Online Payment acceptance at online merchants, including hotel groups and airlines in South Africa, to facilitate tourists travelling to the country.
China UnionPay chairman Ge Huayong said: “The full-scale collaboration between the two businesses will further ensure smooth cross-border payment between China and Africa, offering stronger support for China-Africa trade and personnel exchanges.
“On the basis of constantly improving our acceptance network and promoting local card issuance, UnionPay is willing to carry out extensive collaboration with local institutions in Africa, and will expedite the launching of our innovative payment products, such as UnionPay QR code payment and UnionPay cross-border B2B platform to offer tailored payment services to the local markets and customers, and to support the development of financial inclusion in Africa.”
Standard Bank Group CEO Sim Tshabalala added: “The partnership will play an important role in expanding the commercial ties that join our regions, accelerating economic development, job creation and industrialisation.”
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