Union Pay, KCB Bank ink new payment deal

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KCB-Union Pay
PHOTO/COURTESY: KCB

KCB Bank and China based Union Pay International  have signed a new deal that will see the firms’ mutual customers get enhanced payment options in a move aimed at augmenting client payment experiences across East Africa.

According to KCB, the deal which is the first of its kind in Africa, will allow the firms local and international mutual customers to make payments from the UnionPay App as well as Apple Pay on KCB Point of Sale (POS) terminals regionally.

The digitization of payments, according to East Africa’s largest lender in terms of assets will allow retailers, both big and small, to capitalize on one of the world’s fastest growing payment processing networks which will spur E-Commerce between China and East Africa.

 “We have managed to make various milestones around this partnership which we see as a way of boosting economic relations between Kenya and China. As an enabler of East Africa’s economic journey, we are keen to roll out more services to drive this agenda, boosting trade, e-commerce and remittances,” said KCB Group CEO and MD Joshua Oigara while hosting a delegation of senior UnionPay executives led by Cai Jianbo the CEO of Union Pay International in Nairobi on Friday last week.

On his part, Union Pay International’s CEO Cai Jianbo lauded the partnership that will provide businesses with the opportunity to streamline their digital payments.

“We are excited to continually roll out services which will drive trade relations between China and Africa. With innovation at the heart of everything we do, it is our strategy to digitalize Payments in Africa and UnionPay has been working to fundamentally change the face of Electronic Payments in the Africa region” the UnionPay International CEO said.

KCB and Union Pay have partnered over the past five years in the areas of merchant acquiring both for POS Acquiring and E-commerce, ATM Acceptance and issuing.

Last year, the two rolled out the UnionPay Prepaid Travel Mate cards in Eastern Africa. As a result of the partnership, UnionPay prepaid and debit cards with chip-enabled technology are now being issued in Kenya and East Africa.

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