KCB Bank partners with UnionPay International for Online payments in East Africa Region
Lender deepens digital payment strategy as Union Pay accelerates its expansion into Kenya as a result of the booming e-commerce market in the country
KCB Bank, one of East and Central Africa’s largest banks has announced a tie up with UnionPay International, the leading online payment service providers to accelerate its expansion into the country’s booming e-commerce market and revolutionize Kenya’s e-Commerce and payments ecosystem.
The agreement signed in Nairobi ushers in an integrated platform that will allow customers to use UnionPay cards to make payments through online merchants like Kaymu, e-Citizen as well as major hotels and resorts in Eastern Africa. UnionPay Ecommerce Services will now be available to KCB’s merchants and it is a turnkey solution that makes it easy for merchants to be accessible to over 5 billion payment cards in the world.
Union Pay International which is the widely accepted card in China offers a strategic partnership for KCB since the Asian nation has now become a key business partner for traders across the East African region. The Union Pay Prepaid Card is ideal for tourists, students and business travelers going to China and offers users enhanced convenience and security. The card has an optional dual currency feature in cardholder’s local currency and Chinese RMB.
The deal, the partners said, will redefine online payments.
“We are keen on deepening our investments in e-payments as part of our deliberate strategy on digital banking. We believe that the future of banking is in digital” said KCB Group Chief Operating Officer Samuel Makome.
“This partnership allows us a greater opportunity to serve our customers better. We are seeking more partnerships to enhance digital banking” said Mr Makome.
The UnionPay Online Payments (UPOP) service is UnionPay’s e-Commerce solution and was developed in response to the needs of issuers to offer UnionPay cardholders a safe and secure way to make purchases online around the world.
Mr. Li Zhixian- General Manager of UnionPay International Africa said: “With innovation at the heart of everything we do, it is our strategy to digitize Payments in Africa and UnionPay has been working to fundamentally change the face of Electronic Payments in Africa. We are truly excited to be a part of the rollout of the first bank in Kenya to innovate with the UnionPay online acceptance. This solution will enable the digitalization of payments in online acceptance of retailers, large and small, to take advantage of one of the world’s fastest payment processing networks”.
Currently, UnionPay International is strengthening its cooperation with mainstream financial institutions in the region to promote the payment quality of life and assisting developing countries in financial inclusion. UnionPay International has presence in 48 African countries. For example in Mauritius, Kenya, Seychelles and Congo Brazzaville, UnionPay International has launched various products such as debit card, prepaid card, corporate cards etc, allowing local residents opportunity to enjoy the secure, convenient and cost-effective payment services.