Standard Bank Group and UnionPay International (UPI) have forged a collaboration aimed at introducing e-commerce acceptance in various African countries
This partnership aims to enable seamless e-commerce transactions for UPI cardholders across the online merchants affiliated with Standard Bank Group.
UnionPay is recognised for providing premium, secure, and affordable payment services to one of the world's largest cardholder communities. It caters to an expanding global community of UnionPay cardholders and merchants, extending convenient services.
Already operating in 50 African countries, UnionPay's alliance with Standard Bank Group is set to expand its network across 181 countries globally, leveraging the bank's position as Africa’s largest bank by assets with a presence in 20 African countries. This collaborative initiative is poised to enhance the acceptance of UnionPay services, attracting new clients and e-commerce merchants to the bank’s platform.
Asad Burney, head of UnionPay International Africa Region, highlighted, “African markets have always been key and valued by UnionPay. The new project enabling e-commerce acceptance offers significant opportunities to existing UnionPay cardholders and the bank's online merchants, providing African businesses with broader exposure to a global audience.”
Bill Blackie, chief executive of business and commercial banking at Standard Bank Group, affirmed, “At Standard Bank, we believe in driving Africa’s growth as our home. As a leading financial institution on the continent, we aim to ensure seamless access for our clients across Africa to regional and international markets and services.”
This strategic partnership positions both entities to capitalise on the burgeoning growth of e-commerce across Africa. The International Trade Administration estimates that around 500 million people will engage in e-commerce transactions for everyday needs by 2025, potentially contributing an estimated $180bn to the continent’s GDP, as suggested by the United Nations Conference on Trade and Development (UNCTAD).
Tunde Macaulay, head of Africa regions and offshore; business and commercial banking, concluded, “This partnership has the potential to pave the way for unprecedented growth and global connectivity, highlighting our commitment to improving the communities in which we operate and driving the economic prosperity of the African continent."
