BankServAfrica and UnionPay International Boost E-Commerce in Africa

BankservAfrica and UnionPay International (UPI) are collaborating to make e-commerce transactions easier and safer for UPI cardholders at online merchants in Africa.

As announced today, BankservAfrica and UPI have joined forces to introduce UPI e-commerce acceptance in several African countries. This builds on UPI’s appointment of BankservAfrica last December as the national land-based processor for affordable, accessible and innovative card payments for South Africa.

“As Africa’s largest automated payments clearing house, responsible for clearing and processing billions of low-value card, ATM and account-to-account transactions annually, BankservAfrica is well-positioned to serve Africa’s growing e-commerce market regionally and internationally.” says Stephen Linnell, CEO of BankservAfrica.

UnionPay operates in 50 African countries, and this agreement will further expand its growing network, which covers 183 countries worldwide. The organization mentions at the 2023 United Nations Conference on Trade and Development that this development – ​​supporting the internet economy – has the potential to add $180 billion to the continent’s gross domestic product.

“African markets have always been key and valued by UnionPay. The new e-commerce acceptance project offers huge opportunities for existing UnionPay cardholders, giving African merchants expanded exposure to a global audience,” says Asad Burney, Director of the African Region of UnionPay International.

UPI and BankservAfrica believe this strategic partnership puts organizations on the front lines of accelerating e-commerce growth across the continent. The International Trade Administration estimates that this rapid expansion will result in about 500 million people using e-commerce for everyday transactions by 2025.

“As the continent’s hyper-connected economy grows, BankservAfrica will continue to provide sustainable payment services for a digitally transformative future,” says Linnell, adding: “We are excited about this partnership and its potential to promote digital commerce that drives economic development and facilitates everyday online payments.”