The Standard Bank of South Africa on Friday launched the Union Pay card, both virtual and physical form on the bank’s Shyft app, to local account holders.
The Shyft app allows for pre-loaded South African rands to be exchanged into multiple currencies and then loaded onto either a physical Union Pay card.
Transactions can be made virtually or physically either at South African merchants or in China.
The General Manager, Union Pay International Africa branch, Zhang Luping, said the payments company was excited to work with Standard Bank, which is the first African bank to receive the license to issue Union Pay card in the country.
The Head of card issuing at Standard Bank, Ethel Nyembe, said the Union Pay card transacting in China becomes both easier and safer for South African tourists and visitors on business.
“They can go about their activities and purchase goods from suppliers, for example, in a cashless manner, reducing some of the previous risks involved,” she said.
According to her, the Union Pay card is accepted through most mobile payment apps, which are hugely popular in China.
Nyembe said Standard Bank values South Africa’s relationship with China as a trade partner and believed that the agreement with Union Pay would allow further expansion of the Africa-China capabilities corridor.
The Union Pay global acceptance network had so far expanded to 177 countries and regions, covering over 56 million merchants and over 4.6 million Automated Teller Machines (ATMs).
However, outside the Chinese Mainland, Union Pay is accepted at over 28 million merchants and more than 1.7 million ATMs.
Meanwhile, about eight billion Union Pay cards were issued in 58 countries and regions, among which over 130 million were issued outside mainland.
