Introducing UPI e-commerce acceptance across several countries in Africa, will build on UPI’s appointment of BankservAfrica, last December, as its domestic on-soil processor for affordable, accessible, and innovative card payments for South Africa.
“As the largest automated payments clearing house in Africa, responsible for clearing and processing billions of low-value card, ATM, and account-to-account transactions annually, BankservAfrica is well-positioned to serve Africa’s growing e-commerce market regionally and internationally,” says Stephen Linnell, chief executive officer of BankservAfrica.
UnionPay operates in 50 African countries, and this agreement will further expand its growing network, which spans 183 countries globally. The organisation mentions the United Nations Conference on Trade and Development in 2023; this development – in support of the Internet economy – has the potential to add $180bn to the continent’s gross domestic product.
“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 by providing African merchants expanded exposure to a global audience,” says Asad Burney, head of UnionPay International Africa region.
UPI and BankservAfrica believe this strategic partnership positions the organisations to be in the frontline of the accelerated e-commerce growth across the continent. The International Trade Administration estimates this rapid expansion will see about 500 million people using e-commerce for their everyday transactions by 2025.
“With the continent’s hyperconnected economy on the rise, BankservAfrica will continue to provide sustainable payment services for the digitally transforming future,” says Linnell. He adds: “We are excited by this collaboration and its potential to promote digital trade that fosters economic development and eases everyday online payments.”
