Fets, UnionPay Partner to Launch Virtual Cards in Nigeria

Funds and Electronic Transfer Solutions Limited (Fets), a leading provider of innovative payment solutions, and Union Pay International (UPI), a world leader in payment services, have announced a strategic partnership to issue virtual cards through the Fets App to grow the UPI card issuance in Nigeria.

A statement issued on Tuesday said this partnership offers a full range of payment options by utilizing both Union Pay’s vast card acceptance network and fets’ cutting-edge payment technology through its fetswallet App.

These solutions, the statement noted, are made to meet the constantly changing needs of consumers and businesses in a world that is becoming more digitally connected and digitally native.

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, the alliance allows customers reach a wider audience and more easily penetrate foreign markets.

“We are quite excited to collaborate with Union Pay 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’, Fets Chief Executive Officer, Omotade Odunowo, said at the signing of the MoU.

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

General Manager of UnionPay International Africa Branch, Mr. Asad Burney, while expressing his delight 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.”

Burney further noted, “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 innovation drive of fets in electronic payment, financial inclusion and cashless payment within Nigeria.”

Fets, a leading mobile money operator servicing millions of customers across Nigeria, offers a safe and easy-to-use web, mobile app, and agent platform, which enable the transfer of money from one point to another.

Union Pay International, a pioneer in the payment services industry worldwide, with a huge network of payment options, operates in more than 180 nations and territories.