10 November 2012

Kenya: Equity in Payment Deal With Chinese Card Firm

EQUITY Bank is going all out for a piece of increasing trade and investment relations between Kenya and China by partnering with pay solutions network China Union Pay.

The partnership will allow Union pay card holders to make transactions from Equity ATM s and point of sale terminals in the East Africa region.

" Africa is an emerging market for payment,full growth,potential and it plays a leading role in mobile payment space and Africa is important market for Union Pay",The vice president of China Union Pay Chai Hongfeng said.

The partnership makes Equity bank the principle agent in East Africa. Global card payments companies have been making a lineup in the market led by Visa and MasterCard as Kenyans take up use of cards.

But there are also risks associated with card use and card operators in Kenya have merged on a campaign to encourage local bankers to shift to the high security cards.

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