To enhance its digital payment solutions, ALEXBANK has entered into an agreement with UnionPay International (UPI) and Network International to better support consumers and merchants by enabling - for the first time in Egypt - UnionPay cardholders to pay electronically for their purchases at retail outlets. The agreement will allow the acceptance of UnionPay cards across ALEXBANK’s entire merchant network.
As over the past years, Egypt has witnessed an increasing number of Chinese tourists, making China one of the country’s most important sources of tourism. Accepting UnionPay cards is beneficial for local merchant to serve UnionPay cardholders from China and other markets, especially after COVID-19 pandemic.
Luping Zhang, General Manager at UnionPay International Africa Branch said that “UnionPay International has been devoted to facilitating the expansion of its card acceptance network internationally, in addition to promoting the issuance of UnionPay cards overseas and continuing to improve card use services for cardholders, at home and abroad. In alignment with Egypt and China’s growing economic relationship, UnionPay International is strengthening ties with local Egyptian institutions to continuously enhance UnionPay’s card acceptance environment in Egypt”.
“As our long-standing partner, Network International is well-equipped to process UnionPay card transactions and seamlessly enable merchant acquirers such as ALEXBANK to accept UnionPay cards in Egypt and in Africa”, he added.
Hany Fekry, Managing Director of Network International – Egypt said, “We are pleased to strengthen our relationship with UnionPay and ALEXBANK to accelerate digital payment acceptance and adoption in Egypt. The agreement supports our long-term commitment to advance digital payments infrastructure in the Middle East and Africa(MEA) region and support Egyptian retailers and consumers”.
Sherif Lokman, Head of Retail Banking and SMEs Division at ALEXBANK stated that, “We are proud to be part of the 2,400 institutions worldwide partnering with UnionPay International, as well as Network International. Our partnership comes in line with ALEXBANK’s strategy to reinforce financial inclusion through supporting our merchant consumers in Egypt by getting their UPI cards accepted through UPI’s network of over 3,000 Egyptian retailers. Together, we will contribute to providing Egyptian society with integrated e-payments solutions, taking part in accelerating Egypt’s digital transformation path and achieving Egypt’s 2030 vision”.
With over 9 billion UnionPay cards issued in 63 countries and regions, UnionPay has expanded its acceptance network to 179 countries and regions in recent years. At present, UnionPay cards are widely accepted in Africa across all sectors, effectively meeting the diverse purchasing needs of UnionPay cardholders visiting and living in the continent. In Africa, UnionPay cards have been issued in over 10 countries and regions, including Kenya, Tanzania, Uganda, Ghana, South Africa and Mauritius. The Nilson Report (Issue 1154) shows that UnionPay ranks first among all card schemes worldwide in terms of cards issuance and transaction volume. UnionPay International has experienced an increase in global digital transactions as more people are adopting digital payments to minimize physical contact and cash handling amid the global pandemic.