Larry Wang, Chief Business Development Officer of UPI after conducting the first UPI card withdrawal and POS terminal transaction
JOHANNESBURG– THE first live transaction around the partnership between Absa and Union Pay International (UPI) to provide easy banking for Chinese visitors in South Africa has been completed in Johannesburg.
Larry Wang, Chief Business Development Officer of UPI conducted the first UPI card withdrawal and POS terminal transaction, signalling the official launch of Absa’s acceptance of UPI cards.
The partnership with Absa substantially expands UPI’s presence on the continent. It will see the local ATM and POS acceptance of UPI cards rise to over 75 percent to provide a convenient, safe and cost-effective card-using experience for UPI cardholders living in South Africa as well as those visiting the country for travel, business and study purposes.
The agreement covers ten African countries in which Barclays Africa has a presence and significantly expands the company’s presence across English speaking Africa.
“Today marks a key milestone for Absa as it represents our first association with a Chinese partner in the retail and business banking sectors. The partnership is a win-win for both parties, as it allows Absa to serve this market and increase transactions carried by UPI cardholders,” says Craig Bond, Chief Executive: Absa Retail and Business Banking.
According to Statistics South Africa, the total number of Chinese tourists who visited South Africa in October last year increased by 85,6 percent to 7 902 compared with the same month in 2014. Around 47 000 Chinese tourists visited South Africa last year, making South Africa one of China’s fastest growing tourist destinations.
Wang says the deal with Barclays Africa is a sign of the importance of China-Africa trade and investment flows.
“Barclays Africa is the leading financial services provider of choice in Africa,” says Wang.
– CAJ News
