KENYA – Listed regional lender I&M Bank was confirmed the sole regional representative for China’s online pay platform provider, Union Pay International (UPI), following a year-long trial period, reports Business Daily.
The two firms inked the deal after a successful pilot that saw the listed lender handle all local and cross-border transactions for UPI cardholders on behalf of local banks.
“The partnership aligns with the bank’s business model premised on innovation, where we seek to deliver market driven solutions that meet our customers’ requirements,” said I&M Bank chief executive Kihara Maina.
The deal enables Kenyan export traders to receive payments and pay for imported goods cashlessly on the UPI platform.
It provides bank card services and a major card scheme in mainland China.
It is the largest card payment organisation (debit and credit cards combined) in the world offering mobile and online payments based on total value of payment transactions, ahead of Visa and Mastercard.
In 1980, I&M, as the company was known at that time, was registered as a Financial Institution under the Banking Act.