UnionPay Cards to be Issued by Post Bank Uganda
UnionPay International (UPI) and Post Bank Uganda (PBU) have entered into a cooperation agreement. As a result of the partnership, EMV-compliant UnionPay debit cards will be issued in the Uganda market for the first time. Post Bank Uganda is one of the largest and leading Commercial Banks in Uganda and it owned by the government of Uganda.
The cards to be issued will also feature UnionPay contactless technology called ‘QuickPass’ which provide speed and convenience to cardholders at major retailers and quick service merchants, convenience stores, gas stations, grocery stores, cinemas, parking lots, mass transit and taxis. Contactless payments represent the next generation of payment processing technology, cutting out the need for customers to swipe their cards or carry cash.
Digital payments have recorded enormous growth in the recent past in Uganda and with the collaboration of Post Bank; the payments landscape is being reshaped to offer new prospects and opportunities for businesses to streamline their payments. With the implementation of the Belt and Road Initiative and the construction of the Sino-Africa Economic Corridor, UnionPay has made major breakthroughs in the Eastern Africa region. The launch of UnionPay Cards Business in Uganda will further strengthen cooperation on people-to-people exchanges and advance the financial inclusion programs.
Mr. Cai Jianbo said，“In support of the One Belt and One Road Initiative, UnionPay is willing to share with partners our experience in network building, product and service designing, and technology developing over the past ten or so years, to participate in the development of the payments industry in Africa. It is significant to issue EMV-compliant UnionPay chip cards together with Post Bank Uganda, for it expedites the localization of UnionPay’s business in the market and also helps the local major financial institutions to upgrade their products, bringing better services to the local UnionPay cardholders. Based on this collaboration, the two sides will explore future cooperation in rolling out UnionPay’s innovative products, including UnionPay QR Code payment and B2B online payment.”
Mr. Stephen Mukweli said “UnionPay International has offered payment solutions with a good price, which facilitates Post Bank Uganda to issue bankcards of an international brand for the first time. This is a great breakthrough. This cooperation not only provides customers in Uganda financial service locally, but also meets their cross-border payment demands. Now, 60% of the population in Uganda are the young, we hope to carry out closer cooperation with UnionPay International in the field of digital payment in the future.”
In Uganda, over 85% POS terminals and over 80% of ATMs accept UnionPay cards, and more and more local Banks are willing to issue UnionPay cards in the domestic market. Generally UnionPay POS & ATM coverage in Eastern Africa region is above 90% and 80% respectively. Later this year, UnionPay cardholders will be able to book their flight online at the largest domestic airline-Kenya Airways commonly known as KQ. Moreover, UnionPay Cross-border B2B Platform with KilliMall provides local purchasers with an easier and safer payment choice to buy goods that are “Made in China”. This also facilitates the upgrade of the trade between Uganda and other countries particularly in Africa.
BY STAFF REPORTER
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