Standard Bank and UnionPay International Join Forces
The strategic partnership between Standard Bank and UnionPay International is to boost ecommerce adoption in Africa.
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Standard Bank Group, with operations across 20 African countries, has joined forces with UnionPay International, a subsidiary of China’s UnionPay, to boost eCommerce in several African nations. This new initiative is expected to increase the adoption of UnionPay, attracting more eCommerce businesses and customers to the bank’s platform.
Bill Blackie, the Chief Executive of Business and Commercial Banking at Standard Bank Group, stated that this latest move ensures customers across Africa have easy access to both local and international markets and services.
Asad Burney, Head of UnionPay International Africa, expects the initiative to deliver significant benefits to the bank’s online merchants and existing UnionPay cardholders. It also aims to broaden the exposure of African merchants to an international audience.
Both organisations believe their collaboration is capitalising on the growing scope of eCommerce across Africa. An International Trade Administration forecast suggests that by 2025, Africa will be home to over half a billion eCommerce users. This demonstrates a steady compound annual growth rate of 17% in online consumers within the market.
This development comes four years after Standard Bank introduced its South African account holders to the UnionPay card, both virtual and physical, via its Shyft app, a fintech platform. This move was intended to ease transactions for the numerous South Africans who travel to China each year for business and leisure.
