BankservAfrica and UnionPay Boost E-Commerce in Africa

BankservAfrica and UnionPay International (UPI) have partnered to enable easier and more secure e-commerce transactions for UPI cardholders across Africa.

BankservAfrica and UPI have entered into a partnership to increase UPI e-commerce acceptance in several African countries. This builds on UPI’s appointment of BankservAfrica in December 2023 as the national processor of affordable, accessible and innovative card payments for South Africa.

BankservAfrica said that as one of the largest automated payments clearing houses in Africa, responsible for clearing and processing billions of low-value card, ATM and account-to-account transactions annually, it is ideally placed to serve the growing African e-commerce market regionally and internationally.

BankservAfrica and UnionPay International have partnered to enable easier and safer e-commerce transactions for UPI cardholders across Africa.

Supporting the e-commerce market in Africa

UnionPay, already operating in 50 African countries, will expand its network, which currently covers 183 countries worldwide, with this agreement. According to the 2023 United Nations Conference on Trade and Development, this development could increase Africa’s GDP by US$180 billion by supporting the internet economy.

UnionPay said 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.

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.

What does BankservAfrica do?

BankservAfrica is a trusted Payments and Financial Market Infrastructure (FMI) partner for the Financial Services Industry. As Africa’s Automated Payment Clearing House, they settle and process billions of low-value card, ATM and EFT transactions per year. Their role in the South African National Payment System (NPS) is to facilitate interoperability between banks and ensure regulatory compliance with their regulators in relation to best practices and international banking security standards, and reduce risk and complexity in the industry. With over 50 years in South Africa, BankservAfrica operates 24/7/365 and provides strong SLAs.