Standard Bank Group Partners Union Pay to Facilitate eCommerce in Several African Countries

Leading financial services provider Standard Bank Group has partnered with UnionPay, to facilitate eCommerce in several African countries.

In a statement, both organizations disclosed that the strategic partnership will enable UPI cardholders to conduct e-commerce transactions across Standard Bank’s online merchants.

According to Head of UnionPay International Africa, Asad Burney, he disclosed that this partnership will significantly benefit the bank’s online merchants and current UnionPay cardholders. It also seeks to increase African merchants’ exposure to a global audience.

In his words,

“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 and the bank’s online merchants, by providing African merchants expanded exposure to a global audience.”

Also speaking, chief executive of business and commercial banking at Standard Bank Group, Bill Blackie said,

“At Standard Bank, we believe that Africa is our home, and we drive her growth. As one of Africa’s leading financial institutions, we intend to ensure that our clients across the continent have seamless access to regional and international markets and services”.

With Standard Bank being Africa’s largest bank by assets with a presence in 20 African countries, this new offering is expected to increase the acceptance of UnionPay services, attracting new clients and more e-commerce merchants to the bank’s platform.

Both companies note that this strategic partnership positions both organizations to capitalize on the accelerating growth of e-commerce across the continent, growth which the International Trade Administration estimates will see about 500 million people using e-commerce for everyday transactions by 2025.

They also claim that by working together, they are taking advantage of the expansion of eCommerce across the continent.