Standard Bank’s point-of-sale devices have been enabled for UnionPay International (UPI) contactless payments.
The cooperation is a strategic move from UPI that follows the surging trend of the global contactless payment industry and accelerates the development of international mobile payment services.
According to a survey conducted by RTI, around 30% of the respondents have started to use contactless payments since the pandemic began. And 70% of those users are likely to continue using contactless payments post-COVID-19. Contactless payments have emerged as an essential solution for all the businesses as it enables them to drive their business forward along with ensuring safety to combat the coronavirus pandemic.
“At Standard Bank, we continue to be at the forefront of providing our clients with a variety of innovative digital and contactless payment solutions,” says Nelisa Zulu, Head of Card and Payments at Standard Bank South Africa.
“We have seen contactless payment spend grow by 272% year-on-year, as we see our clients’ preferences shift towards digital alternatives for payment, especially during the COVID-19 pandemic. Through our relationships with UnionPay, we continue to offer easy and convenient payment solutions for our clients, including simply tapping their cards,” comments Zulu.
“We are grateful to further extend our cooperation with Standard Bank”, said Luping Zhang, General Manager at UnionPay International Africa. “We encourage UnionPay cardholders to use contactless payments to minimise the impact of the pandemic on their daily life”.
Standard Bank is the largest banking group on the African continent by assets offering universal financial services across sub-Saharan Africa. With a deep understanding of emerging markets and evolving consumer demands, Standard Bank is working to support and grow the number of transactions through partnerships.
At present, UnionPay cards are widely accepted in South Africa in all sectors, effectively meeting the diverse purchasing needs of UnionPay cardholders living and visiting South Africa. UnionPay’s acceptance network has expanded to 180 countries and regions in recent years, with cards issued in 70 countries and regions, including over 10 African countries.
The Nilson Report (Issue 1154) shows that UnionPay ranks first among all card schemes in terms of cards issuance and transaction volume worldwide. UnionPay has launched various innovative payment products in Africa in response to the worldwide digital transformation and financial inclusion.