South African bank partners with UnionPay on cashless options

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"Standard Bank cards or online transaction solutions will provide access to all UnionPay-enabled platforms in China, and Africans dealing with China will on longer need to travel with cash. Instead they will soon be able to purchase goods directly from suppliers throughout China at the swipe of a card," said George Lo, Executive Head of Pan Africa China Banking at Standard Bank.

JOHANNESBURG, Feb. 5 (Xinhua) -- Standard Bank signed an agreement with UnionPay International on Monday in Johannesburg to accept UnionPay cards in multiple African markets.

UnionPay is one of the world's leading card payments systems and hosts the majority of transactions in China. As such, Standard Bank's agreement to accept UnionPay cards in multiple African markets by the end of 2018 broadens the geographic footprint and potential customer reach of UnionPay in Africa.

Lincoln Mali, Group Head of Group Cards and Emerging Payments at Standard Bank, said, "Standard Bank card holders will be able to access China's ecommerce marketplace."

Wang Lixin, Vice President of UnionPay International, said, "UnionPay strives to ensure convenient and safe payment services to a growing number global UnionPay cardholders visiting Africa. We also look forward to collaborating with Standard Bank in card issuance, providing exciting new payment options for new African customers."

This will allow African traders to locate and select goods remotely and then pay for them electronically via their Standard Bank cards, added Mali.

Standard Bank is also the first African bank to receive the license to issue UnionPay cards on the continent.