SHANGHAI, July 9, 2024 - BankservAfrica and UnionPay International (UPI) are collaborating to facilitate easier and safer e-commerce transactions for UPI cardholders across Africa's online merchants.
Announced today, BankservAfrica and UPI have joined forces to introduce UPI e-commerce acceptance across several countries in Africa. This builds on UPI's appointment of BankservAfrica, last December, as its domestic on-soil processor for affordable, accessible, and innovative card payments for South Africa.
"As the largest automated payments clearing house in Africa, responsible for clearing and processing billions of low-value card, ATM, and account-to-account transactions annually, BankservAfrica is well-positioned to serve Africa's growing e-commerce market regionally and internationally," says Stephen Linnell, CEO of BankservAfrica.
UnionPay operates in 50 African countries, and this agreement will further expand its growing network, which spans 183 countries globally. The organisation mentions the United Nations Conference on Trade and Development in 2023, this development – in support of the Internet economy – has the potential to add $180 billion to the continent's gross domestic product.
"African markets have always been key and valued by UnionPay. The new project of enabling e-commerce acceptance offers great opportunities to existing UnionPay cardholders by providing African merchants expanded exposure to a global audience," says Asad Burney, Head of UnionPay International Africa region.
UPI and BankservAfrica believe this strategic partnership positions the organisations to be in the frontline of the accelerated e-commerce growth across the continent. The International Trade Administration estimates this rapid expansion will see about 500 million people using e-commerce for their everyday transactions by 2025.
"With the continent's hyperconnected economy on the rise, BankservAfrica will continue to provide sustainable payment services for the digitally transforming future," says Linnell. He adds: "We are excited by this collaboration and its potential to promote digital trade that fosters economic development and eases everyday online payments."
About BankservAfrica
BankservAfrica is the trusted payments partner and Financial Markets Infrastructure (FMI) to the financial services industry. As the largest automated payments clearing house in Africa, we clear and process billions of low values card, ATM and EFT transactions annually. Our role in the South African National Payments System (NPS) is to facilitate interoperability between the banks and ensure regulatory compliance with our regulators against international banking security best practice and standards and reduces risk and complexity in the industry.
We continue to strive to be a world-class and pre-eminent payments operator, innovator and payments partner of choice in Africa, by simplifying our worlds through combining trusted transactions with sensitive information.
BankservAfrica's national responsibility is to provide safe financial payment services for 62 million South Africans, irrespective of their location in partnership with our shareholders and partners.
With over 50 years in South Africa, BankservAfrica operates 24/7, 365 days a year and delivers on very strong SLAs.
About UnionPay International
With a huge network of payment options, UnionPay International is a pioneer in the payment services industry worldwide. UnionPay International, which operates in more than 181 countries and regions, is committed to ensuring that payments are easy, secure, and available to everybody. For more information about UnionPay International visit: www.unionpayintl.com.
