A ceremony was held commemorating UnionPay and Standard Bank's Memorandum of Understanding on July 23, 2018. (Photo: Li Yingyan)

UnionPay International, one of the world’s largest online payment platforms, signed a Memorandum of Understanding (MOU) with Standard Bank in South Africa to accelerate the Chinese company’s presence across vital African markets. 

“China is widely acknowledged for the pivotal role it plays in driving Africa’s economic growth. It is Africa’s largest economic partner, recording a yearly trade growth of about 20 percent over the last 20 years. Chinese investment has grown 40 percent per year during the last decade,” said Tshabalala, a Standard Bank representative. 

UnionPay will give added convenience for Chinese living in South Africa. The measure will also pave the way for smoother money transactions between merchants and Chinese travelers on vacation or in the country on business. 

Union Pay representative Ge Huayong signed a Memmorandum of Understanding with Stand Bank in South Africa on July 23, 2018. (Photo: Li Yingyan)

For business professionals, UnionPay cards issued locally by Standard Bank will give added levels of convenience. Soon, payments and transactions will only need a swipe of a card. Also, problems associated with carrying hard currency will diminish. 

“The collaboration will further ensure smooth payments between China and Africa, offering greater support for trade and personal transactions, said Union Pay representative, Ge Huayong, while speaking at a ceremony commemorating the announcement. 

As Ge explained, the Chinese payment service will collaborate with African institutions and help launch unique payment capabilities such as the UnionPay QR code and further develop B2B cross-border platforms.