This development originated on the back of the ever-increasing strengthening of South African and Chinese cooperation in construction, information communication, energy and trade exchange. The timing is simply perfect for UnionPay International and Bank of China to joined hands to provide more user-friendly financial services to local Chinese companies and Chinese community. Currently, the majority of retail outlets and ATMs accept UnionPay cards in South Africa.
Bank of China Johannesburg was the first Chinese bank to open doors in South Africa. In July 2015, Bank of China was nominated as the first cross-border Renminbi clearing bank on the African Continent, proudly promoting Renminbi usage on the African continent. Aided by the first prepaid card in South Africa, UnionPay International and Bank of China joined hands to provide a more user-friendly financial service to local Chinese companies and the Chinese community.
Non-South African Chinese customers will now be able to open a Bank of China account and use South African rands to buy UnionPay prepaid cards loaded directly with Renminbi. The card comes in a variety of RMB denominations and can be reloaded at any time. The benefits are mainly two-fold by providing more convenience and secondly increasing safety by accommodating electronic transaction processing instead of cash.
In addition, as a Renminbi currency-based prepaid card, the “Bank of China Good Hope Card” can be used in 156 countries and regions around the world, including China and South Africa. The “Good Hope Card” also supports online payment. Cardholders will be able to enjoy various value-added privileges around the world. As part of the new card promotion, there will be no service fees charged to apply for the “Good Hope Card” from now until 31 December 2016.
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 a presence in 48 African countries. For example in Mauritius and Congo Brazzaville, UnionPay International has launched various products such as debit cards, prepaid cards, corporate cards, etc., allowing local residents the opportunity to enjoy secure, convenient and cost-effective payment services.
