This partnership aims to facilitate seamless ecommerce transactions for UPI cardholders across Standard Bank Group's online merchants. UnionPay, known for delivering affordable and secure payment services can leverage its cardholder base and offer convenient services through this collaboration to an expanding global community of UnionPay cardholders and merchants.
Currently operating in 50 African countries, UnionPay's network spans across 181 countries globally according to Zawya. The agreement with Standard Bank Group is expected to further expand UnionPay's reach and increase acceptance of its services. In essence, this development is anticipated to attract new clients and ecommerce merchants to Standard Bank Group's platform.
Officials from UnionPay International Africa Region emphasised the significance of African markets to UnionPay. The introduction of ecommerce acceptance is seen as a project that provides great opportunities for existing UnionPay cardholders and the bank's online merchants, allowing African businesses to reach a broader global audience.
In turn, representatives from Standard Bank Group expressed the institution's commitment to ensuring seamless access to regional and international markets and services for clients across the continent. They highlighted Africa as their home and brought up their aim to drive growth and become one of the leading financial institutions.
This strategic partnership positions both organisations to capitalise on the accelerating growth of ecommerce across the continent. According to estimates from the International Trade Administration cited by Zawya, about 500 million people are projected to use ecommerce for everyday transactions in Africa by 2025. The United Nations Conference on Trade and Development (UNCTAD) suggests that this trend could contribute USD 180 billion to the continent’s gross domestic product (GDP).
Standard Banking Group officials weighed in on the partnership and highlighted its potential to pave the way for growth and global connectivity. They also underscored Standard Bank's commitment to improving the communities in which it operates and driving the economic prosperity of the African continent.
In July 2023, Standard Bank partnered with HUAWEI Mobile Services to provide digital banking solutions to the former’s clients.
In essence, the partnership between these two entities aimed to offer seamless digital banking experiences to clients who access the Standard Bank banking app through Huawei devices. It’s worth noting that the two entities have been working together for several years to make sure that the Standard Bank banking app would be fully compatible with Huawei's ecosystem.
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