Fets to issue virtual cards backed by UPI

Funds & Electronic Transfer Solutions Limited (fets), a payment solution and UnionPay International (UPI), a global payment company have announced a partnership to issue virtual cards through the Fets app to grow UPI card issuance in Nigeria.

This partnership offers a full range of payment options by utilising both Union Pay’s vast card acceptance network and Fets’ cutting-edge payment technology through its app.

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According to the company, 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.

“This partnership with UnionPay International offers businesses and customers a more robust payment experience, and its also an opportunity to further drive financial inclusion, and deepen the cashless agenda and strategy of the Central Bank of Nigeria,” Omotade Odunowo, CEO of Fets said, while speaking on the partnership.

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“This partnership will revolutionize our business model and reposition us for more efficiency in meeting the growing needs of our customer base” Odunowo added.

Asad Burney, general manager of UnionPay International Africa Branch said,” Being the first virtual card issuance in Nigeria with UPI. 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 conveniently and safely.”

“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.

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The company noted that the expanded payment options are 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 to reach a wider audience and more easily penetrate foreign markets.