JOHANNESBURG, Nov. 15, 2024 /PRNewswire/ — UnionPay International and Nedbank now celebrate their eight-year partnership, which has significantly enhanced payment solutions for the tourism sector in South Africa. Since July 2016, when Nedbank began accepting UnionPay cards, the acceptance footprint for UnionPay in South Africa has expanded to over 90%. This milestone positions Nedbank as a leader in the travel and entertainment industry, solidifying its role in driving growth within the tourism market.
The collaboration has yielded remarkable transaction outcomes, further establishing Nedbank as a pivotal player in the South African tourism landscape. Recently, Nedbank enabled UnionPay contactless payments, tapping into a lucrative market projected to reach $15.7 trillion globally by 2029. The next exciting phase of this partnership includes enabling eCommerce acceptance for UnionPay, opening doors to recent opportunities that align with the South African government’s initiatives in introduction of an e-visa platform, to ease visa regulations for visitors from China, aiming to lure tourists from the world’s second-most populous nation to attract more tourists.
Recent statistics show a staggering 215.7% surge in arrivals from China, amounting to 34,669 visitors. This resurgence highlights the significant potential of the Chinese market for South African tourism, and the government’s plans to streamline the visa process underscore the importance of UnionPay’s eCommerce acceptance in this strategy.
“The well-established relationship between Nedbank and UnionPay International has been integral to the success of our partnership,” said Dayalan Govender, Managing Executive: Solution Innovation at Nedbank. “The acceptance of UnionPay cards on our network not only presents a new revenue stream but also offers us the opportunity to collaborate and leverage further prospects with UnionPay International across South Africa and the rest of the continent.”
UnionPay cards are vital for Chinese tourists visiting South Africa, providing versatile payment options. With a global acceptance network spanning 183 countries and regions, UnionPay is committed to enhancing the travel experience for tourists worldwide.
“UnionPay International is excited to celebrate this milestone with Nedbank by enabling digital payment acceptance in South Africa, as we continue to drive growth in tourism and economic relations between China and South Africa,” said Asad Burney, Head of UnionPay International Africa Branch. “Our collaboration not only improves payment solutions for domestic cardholders but also supports South Africa’s goal of welcoming 21 million international tourists by 2030.”
As part of their ongoing collaboration, UnionPay International and Nedbank are exploring the introduction of card issuance in South Africa, creating products that cater specifically to local market needs. With over 250 million UnionPay cards issued outside of the Chinese mainland, the partnership aims to further enhance the travel experience for UnionPay cardholders, particularly in the travel and entertainment sectors.
Nedbank Group is one of the largest financial services groups in Africa, offering wholesale and retail banking, as well as insurance, asset management and wealth management services and solutions. In South Africa, Nedbank has a strong franchise evidenced by a 19% deposit and 19% advances market share. Outside South Africa, NedBank operates in five countries in the Southern African Development Community (SADC), through subsidiaries and banks in Lesotho, Mozambique, Namibia, Eswatini and Zimbabwe. In Central and West Africa, NedBank has a strategic alliance with Ecobank Transnational Incorporated (ETI) and have representative offices in Angola and Kenya. Outside Africa a presence in key global financial centres to provide international financial services for Africa-based multinational and high-net-worth clients in, Isle of Man, Jersey and London, and it has a representative office in Dubai. NedBank has 28,000 employees and 7.6 million clients and manages R1.2 trillion worth of assets.
UnionPay International (UPI) is a focused on the growth and support of UnionPay’s global business. In partnership with more than 2600 institutions worldwide, UnionPay International has enabled card acceptance in 183 countries and regions with issuance in 84 countries and regions. UnionPay International provides high quality, cost effective and secure cross-border payment services to the world’s largest cardholder base and ensures convenient local services to a growing number of global UnionPay cardholders and merchants.
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