UnionPay International recently announced its cooperation with Bank of China in Johannesburg to issue the first UnionPay Renminbi prepaid card (card number starting with 62) in South Africa, called “Good Hope Card”, delivering secure, convenient and cost-effective payment services to the non-South African and non-permanent residency Chinese business community work and travel between South Africa and China.
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, majority of retail outlets and ATM’s 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. Aid by the first prepaid card in South Africa, UnionPay International and Bank of China joined hands to provide a more user-friendly financial services to local Chinese companies and Chinese community.
Non- South African Chinese customers will now be able to open a Bank of China account, use South African Rands to buy UnionPay prepaid cards loaded directly with Renminbi The card come in a variety of RMB denominations and can be reloaded at any time. The benefits are mainly two-fold by providing more convenience in and secondly increased 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 “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 presence in 48 African countries. For example in Mauritius 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.