Fets partners with UnionPay to launch virtual cards in Nigeria
Funds & Electronic Transfer Solutions Limited (Fets) and UnionPay International have jointly announced a partnership to issue virtual cards through the Fets App to grow the UPI card issuance in Nigeria.
Fets, a provider of innovative payment solutions and UnionPay International, a world leader in payment services, have announced a partnership between both companies. This partnership offers a full range of payment options by utilizing both UnionPay's vast acceptance network and fets' cutting-edge payment technology through its fetswallet App. These solutions are made to meet the constantly changing needs of consumers and businesses in a world that is becoming more digitally connected and digitally native.
Speaking during the MoU signing, the Chief Executive Officer, Fets, Omotade Odunowo, expressed excitement about the partnership, saying, "We are quite excited to collaborate with UnionPay to offer businesses and customers a more robust payment experience. This partnership with UnionPay International is an opportunity to further drive financial inclusion, and deepen the cashless agenda and strategy of the Central Bank of Nigeria.
"This partnership will revolutionize our business model and reposition us for more efficiency in meeting the growing needs of our customer base" Odunowo added.
Mr. Asad Burney, Head of UnionPay International Africa Branch said," Being the first virtual card issuance in Nigeria with UPI, we were very happy with this partnership. This partnership is a big step toward our continued goal of providing top-notch payment options. In partnership with Fets, we will enable businesses to prosper in the digital economy while guaranteeing that clients can conduct business in a convenient and safe manner."
"With the growing trade volume between Africa particularly Nigeria and China, this partnership would leverage on UnionPay's innovative products offerings, the global UnionPay network to complement the innovation drive of fets in electronic payment, financial inclusion, and cashless payment within Nigeria", he added.
Expanded payment options is the partnership's main goal, giving clients access to a variety of payment options such as digital wallets, virtual cards, and other payment methods. Furthermore, by accepting payments from clients worldwide, this alliance allows customers reach a wider audience and more easily penetrate foreign markets.