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Funds & Electronic Transfer Solutions and UPI to launch virtual cards in Nigeria

Tuesday 7 November 2023 13:33 CET | News

Nigeria-based Funds & Electronic Transfer Solutions (Fets) has partnered with UnionPay International to issue virtual cards through the Fets app in Nigeria.

 

The partnership between Fets and UnionPay International offers a full range of payment options by utilising both UnionPay's vast acceptance network and Fets' cutting-edge payment technology through its fetswallet App. These solutions are made to meet the constantly changing needs of consumers and businesses in a world that is becoming more digitally connected and digitally native.

Funds & Electronic Transfer Solutions (Fets) has partnered with UnionPay International to issue virtual cards through the Fets app in Nigeria.

Moving towards cashless society

Expanded payment options is the partnership's main goal, giving clients access to a variety of payment options such as digital wallets, virtual cards, and other payment methods. Furthermore, by accepting payments from clients worldwide, this alliance allows customers reach a wider audience and more easily penetrate foreign markets.

Officials from Fets said they are happy to collaborate with UnionPay to offer businesses and customers a more robust payment experience. This partnership with UnionPay International is an opportunity to further drive financial inclusion, and deepen the cashless agenda and strategy of the Central Bank of Nigeria.

Also commenting on this partnership, UPI’s representatives said that this collaboration is a big step toward their continued goal of providing top-notch payment options. In partnership with Fets, they will enable businesses to prosper in the digital economy while guaranteeing that clients can conduct business in a convenient and safe manner. With the growing trade volume between Africa particularly Nigeria and China, this partnership would leverage on UnionPay’s innovative products offerings, the global UnionPay network to complement the innovation drive of Fets in electronic payment, financial inclusion, and cashless payment within Nigeria.

Previous news from UnionPay International

In October 2023, UPI has partnered with Singapore-based ecommerce platform Lazada to support international online transactions.

This strategic partnership is intended to expand payment choices for shoppers, particularly the Thai community, and customers from neighbouring Southeast Asian nations. The overarching objective is to stimulate both local and international transactions on Lazada, which stands as a prominent online shopping platform in the region.

As a result of this collaboration, Thai-issued UnionPay credit cardholders are eligible for discounts of up to USD 27,6 per person until 30 November 2023. Additionally, first-time UnionPay card users gain several benefits, including a USD 13,8 instant discount for their initial purchase, provided the minimum spend is USD 28.1 as well as a 10% discount capped at USD 7 on their subsequent two purchases, using a special the code with a minimum spend of USD 28.1.


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Keywords: virtual card, mobile payments, digital wallet, digital payments, central bank
Categories: Payments & Commerce
Companies: Funds & Electronic Transfer Solutions, UnionPay
Countries: Nigeria
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Payments & Commerce

Funds & Electronic Transfer Solutions

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UnionPay

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