China’s UnionPay International and Australia’s S2M have joined forces to accelerate digital financial inclusion across the African continent, the companies announced in a joint press release on Friday (Sept. 24).
Commenting on the partnership, S2M Group Vice President Mohamed Amarti said the firms will “continue to meet the African ecosystem needs, which is in constant search of innovation, flexibility, and adaptability to the shifting consumer behavior.”
Luping Zhang, general manager of UnionPay’s Africa Region, said the company was pleased to collaborate with S2M as its chosen partner for a long-term investment in Africa. “We support S2M’s innovative and customer-centric initiatives in driving financial inclusion,” he said. “Together, we continue to contribute towards the global payment ecosystem.”
The Chinese company has an extensive acceptance network of over 180 countries, with over 1.6 billion UnionPay cards issued in 70 countries and regions worldwide. And according to the statement, the firm is a leader among card schemes in card issuance and transaction volume worldwide, launching various innovative payment products in Africa linked to digital transformation and financial inclusion.
The partnership will therefore enable the Morocco-headquartered firm, which has been present on the continent for over 35 years, to extend UnionPay’s payment services to its customers. The deal will further strengthen the expansion of innovative digital payment solutions with an end goal to bring value to the African economy and promote financial inclusion.
Last year UnionPay partnered with Wirecard to expand internationally. The agreement was meant to help support UnionPay’s continuous push to become a global digital, omnichannel payment method, while also boosting Wirecard’s presence in China.
Further reading: UnionPay, Wirecard Team Up For Global Expansion