Standard Bank Group and UnionPay International Joins Forces

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The Standard Bank Group and UnionPay International (UPI), are joining forces to introduce ecommerce acceptance across several countries in Africa. This strategic partnership will enable UPI cardholders to seamlessly conduct e-commerce transactions across Standard Bank Group’s online merchants.

Mr. Asad Burney, Head of UnionPay International Africa Region, said, “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.”

Bill Blackie, Chief Executive of Business and Commercial Banking at Standard Bank Group, 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.”

This strategic partnership positions both organisations to capitalise on the accelerating growth of ecommerce across the continent, growth which the International Trade Administration estimates will see about 500 million people using ecommerce for everyday transactions by 2025. The United Nations Conference on Trade and Development (UNCTAD) suggests that this could add $180 billion to the continent’s gross domestic product (GDP).