A partnership to further digitalise payments in the Middle East, Africa and Pakistan by Richie Santosdiaz for The Fintech Times
Asia Fintech Middle East & Africa Paytech

A Partnership to Further Digitalise Payments in the Middle East, Africa and Pakistan

UnionPay International (UPI), is a subsidiary of China UnionPay. In partnership with more than 2300 institutions worldwide, UnionPay International has enabled card acceptance in 179 countries and regions with issuance in 61 countries and regions. The company and Vaulsys recently announced their partnership, whereby Vaulsys becomes a Third Party Service Provider (TPSP) of UnionPay International. Both parties will join force to support the Middle East and Africa (MEA) and South Asia to further digitise the payment industry.

Vaulsys is deploying its systems across two different continents in three locations across Pakistan, Africa and the United Arab Emirates (UAE). Vaulsys plans to carry out business in UnionPay card issuance, card acceptance, cross border remittance, QR payment (issuance and acquiring) and online payments via UPOP. This will enhance the current payment landscape and in turn, improve the lives of the masses in the MEA region.

With over 8.4 billion cards issued in 61 countries and regions, UnionPay is the world’s largest bankcard organization in terms of card issuance. In the Middle East, UnionPay is present in 11 countries, and has reached 100% acceptance in the UAE and Pakistan. Moreover, various innovative payment products, including UnionPay contactless payment QuickPass and UnionPay QR Code payment, have been launched in the Middle East region.

Vaulsys is known in the banking and payment industry for its products and solutions. According to Usman Qureshi, the CEO of Vaulsys, said, “We are very excited to be a TPSP agent of UnionPay International. Teaming up with UnionPay International to provide access to UnionPay cards and digital payments is an exciting development for our company and will enable us to bring further value to our products and customers in the MEA region.

This development will also support small and medium businesses who have been impacted by the Covid-19 pandemic to launch their digital payment products and solutions in a cost efficient manner. Our headquarters are based in UAE and the domestic hosting and processing of card payment transactions will also help the domestic economy to boost back.”

Han Wang, the General Manager of UnionPay International Middle East Branch said, “UnionPay is committed to providing secure and seamless payment experiences to our cardholders worldwide. We believe this partnership will drive further growth of the payment ecosystem and bring more benefits to the customers, merchants in the MEA region.”

Established in 2015, Vaulsys took a holistic approach in delivering the payment services across multiple channels. From customization and installation of all the delivery channels (POS, ATMs, Internet Gateways, etc.), to designing powerful software solutions to serve as middleware and backend systems, and to setting up the connectivity and network from the front office all the way to back office; Vaulsys brings a new concept to the payments industry of becoming a single most trusted partner to fulfil all the payments needs of any business.

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