JOHANNESBURG, July 23 (Xinhua) -- South Africa's Standard Bank and UnionPay International, China's largest payment provider, signed a Memorandum of Understanding (MOU) Monday in Johannesburg.
The MOU will accelerate access to UnionPay's cards in key markets on the continent and bring convenience to both Chinese people transacting in Africa and to South Africans doing business or travelling in China, the Standard Bank said.
The bank said it is now on track to become the first bank in South Africa to offer its customers access to UnionPay's pre-paid card offering.
When formally launched, the UnionPay card will enable users from China to pay for services on Standard Bank-issued POS terminals and access the bank's ATM network in South Africa and other African markets.
Similar convenience will also be given to Standard Bank card users when they transact in China. Those with Standard Bank accounts, cards or online payment products can also access the full range of payment apps in China, according to the bank.
"The collaboration between the two businesses will further ensure smooth cross-border payment between China and Africa, offering stronger support for China-Africa trade and personnel exchanges," said Ge Huayong, Chairman of China UnionPay.
He added that UnionPay will expedite the launching of innovative payment products, such as UnionPay QR code payment and UnionPay cross-border B2B platform to offer tailored payment services to the local markets and customers, and to support the development of financial inclusion in Africa.
"China is widely acknowledged for the pivotal role it plays in driving Africa's economic growth," Sim Tshabalala, CEO of the Standard Bank Group, said at the ceremony.
"As many as 10,000 Chinese-owned firms are operating across the continent. Simultaneously, growing numbers of African businesses, ranging from individual entrepreneurs to corporation, are doing business in China."
"The partnership will play an important role in expanding the commercial ties that join our regions, accelerating economic development, job creation and industrialization," Tshabalala said.
