DAR ES SALAAM, Tanzania, May 31, 2023 /PRNewswire/ -- UnionPay International and NMB Bank Tanzania jointly announced, the UnionPay QR code payment is live at 30,000 merchants across Tanzania, enabling small and medium businesses to transact over mobile commerce across many sectors.
This partnership comes at a time when the world is easing towards digital payment since Covid-19, resulting in an increase in the digital user base and shifted consumer purchasing behaviour.
UnionPay International has introduced the QR code payment solution to serve the world's largest cardholder base. This solution is safe, easy, and frictionless and can be used at nearly 31 million merchants in 45 countries and regions around the world. The UnionPay network is expanding quickly to meet the needs of merchants and users, covering a wide range of payment scenarios such as retail, food and beverage, campus, transportation, and healthcare.
McKinsey & Company research suggests that there has been an 80/20 rise in digital payments since Covid-19, resulting in a 20% increase in the digital user base. The global QR Code Labels market is projected to reach $1268.1 million by 2026, from $916.7 million in 2020.
"NMB Bank Tanzania is committed to leveraging innovative solutions to enhance financial inclusion in Tanzania. Our partnership with UnionPay International to introduce QR code payment to the world's largest cardholder base is a testament of our commitment to providing safe, convenient, and inclusive payment solutions to our customers. We are proud to be at the forefront of digital payment adoption in the East African region and look forward to continuing driving financial inclusion through technology," said Filbert Mponzi, Chief Retail Banking at NMB Bank Tanzania.
Awarded the "Best Bank in Tanzania" for 9 years in a row, NMB is one of the largest commercial banks incorporated in the United Republic of Tanzania. Through its 3 main business divisions: Retail, Wholesale, and Treasury, NMB provides a suite of financial services and products to retail customers, farmers, SMEs, Corporates, Institutions and the Government. NMB has an extensive network of branches and ATMs in the major towns and cities of Tanzania.
"NMB is a significant partner of ours, to extend our business in the East Africa region, one of the fastest-growing economic zone in Africa", said Mr. Asad Burney, Head of UnionPay International Africa Region, "We are excited to participate in the mobile commerce space, enabling digital payments in this region".
With over 190 million UnionPay cards issued in 79 countries and regions outside mainland China, UnionPay has expanded its global acceptance network to 181 countries and regions in recent years. At present, UnionPay cards are widely accepted in Africa across all sectors, effectively meeting the diverse purchasing needs of UnionPay cardholders visiting and living on the continent. UnionPay cards are issued in 15 African countries, including Kenya, Tanzania, Uganda, Rwanda, Ghana, Nigeria, Zambia, South Africa, Eswatini, Gambia, Seychelles, Madagascar and Mauritius. The Nilson Report (Issue 1154) shows that UnionPay ranks first among all card schemes in card issuance and transaction volume worldwide. UnionPay International has launched various innovative payment products in Africa in response to the worldwide digital transformation and financial inclusion.