Witnessed by the central banks of China and Egypt, UnionPay International and Egyptian Banks Company (EBC) signed yesterday a Memorandum of Understanding in Cairo, attended by Dong Junfeng, Chairman of China UnionPay and UnionPay International, and Tarek Raouf Executive Chairman and CEO of EBC. Both parties will promote widespread UnionPay card acceptance at ATMs and POS terminals across Egypt and plan to launch joint marketing campaigns to boost UnionPay card usage in Egypt.
Dong Junfeng stated that this cooperation with EBC is an important manifestation of UnionPay's strategy to deepen its localization development in Africa. The partnership aims not only to serve the increasing number of Chinese tourists visiting Egypt but also to effectively enhance Egypt's local international payment service level. UnionPay will continue to strengthen cooperation with various African institutions, promote innovation in the payment sector, and contribute to building a closer China-Africa community with a shared future.
Tarek Raouf commented that EBC has forged strategic partnerships with leading international networks to expand acceptance, and the continued partnership with UnionPay will foster the progress on this course. Leveraging its robust infrastructure and profound expertise, EBC is well positioned to enhance the payment experience for the Chinese visitors and professionals working in Egyptian industrial zones. Through EBC’s advanced platform and in continuous coordination with UPI, this partnership shall facilitate broader acceptance of UnionPay-issued cards, deliver greater convenience and accessibility for international cardholders.
As the national operator of payments infrastructure in Egypt, EBC plays a crucial role in strengthening various domestic payment ecosystems in Egypt. UnionPay, as a globally deployed international card brand, possesses significant advantages in network coverage, technical capabilities, and payment standards. The cooperation between the two parties will optimize the payment experience for international visitors in Egypt, including Chinese tourists.
Egypt is a popular tourist destination for Chinese visitors; in 2024, the number of Chinese tourists received by Egypt increased by 65% year-on-year, and direct flights between the two countries continue to increase in frequency. Today, tens of thousands of merchants in Egypt support UnionPay card acceptance, and ATM acceptance has achieved almost full coverage.
Under the strategic guidance of "Building a China-Africa Community with a Shared Future in the New Era," China-Africa economic and trade cooperation and personnel exchanges are becoming increasingly close. Currently, 51 countries and regions in Africa support UnionPay card acceptance. The high-quality payment network built by UnionPay in Africa is increasingly becoming a solid financial bridge promoting China-Africa economic, trade, and cultural exchanges.
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