One of South Africa’s biggest financial institutions, First National Bank (FNB) is collaborating with UnionPay International (UPI) to set up a mechanism that will allow UnionPay cardholders to make contactless payments with their cards via FNB Speedpoint terminals at merchants across South Africa. This highly innovative partnership marks the first time a South African bank has accepted contactless transactions made with UnionPay cards, providing customers with a safer and smoother payment experience.
“FNB has a diverse contactless payments ecosystem from a card acceptance and payments perspective. We have seen significant growth in the acceptance of contactless card payments as more consumers adopt safer payment and shopping habits. Adding UnionPay to our platform will certainly elevate this trend,” says Thokozani Dlamini, FNB Merchant Services CEO.
According to research conducted by global tech market advisory firm, ABI Research, globally contactless adoption will increase between 6% and 8% when compared to pre-COVID-19 expectations. One of the main reasons is that contactless card payments require a lot less contact with Point of Sale devices, thereby minimising exposure to the virus. Contactless payments have been trending as a safer method of payment since the outbreak of the coronavirus globally.
Speaking on the development, Luping Zhang, GM at UnionPay International Africa says, “we encourage UnionPay cardholders to use contactless payments especially during this challenging time. We take our responsibility to ensure a safe, simple and smooth payment experience to our cardholders to minimize the impact of the pandemic on their daily life.”
At present, UnionPay cards are widely accepted in South Africa in all sectors, effectively meeting the diverse purchasing needs of UnionPay cardholders living and visiting South Africa. In recent years, UPI has expanded its acceptance network to 178 countries and regions, and more than 8.4 billion UnionPay cards issued in 61 countries and regions. In Africa, UnionPay cards have been issued in over 10 African countries, including South Africa, Mauritius, Seychelles, Madagascar, Ghana and Kenya.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry