UnionPay International and NMB Bank Tanzania have jointly announced the UnionPay QR code payment is now active at 30,000 merchants across Tanzania which will enable small and medium businesses to transact over mobile commerce across many sectors.
“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 to our commitment to providing safe, convenient, and inclusive payment solutions to our customers,” Filbert Mponzi, Chief Retail Banking at NMB Bank Tanzania, said in a press statement. “We are proud to be at the forefront of digital payment adoption in the East African region and look forward to continuing to drive financial inclusion through technology.”
Asad Burney, Head of UnionPay International Africa Region said NMB Bank Tanzania is their significant partner to extend their business in the East Africa region — one of the fastest-growing economic zone in Africa.
“We are excited to participate in the mobile commerce space, enabling digital payments in Tanzania,” he said.
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 behavior.
UnionPay International has introduced the QR code payment solution to serve the world’s largest cardholder base. This solution can be used by 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 USD$1268.1 million by 2026, from USD$916.7 million in 2020.
Awarded the “Best Bank in Tanzania” for nine (9) years in a row, NMB Bank Tanzania is one of the largest commercial banks incorporated in Tanzania. Through its three (3) main business divisions: Retail, Wholesale, and Treasury, the bank provides a suite of financial services and products to retail customers, farmers, SMEs, Corporates, Institutions, and the Government.
With over 190 million UnionPay cards issued in 79 countries and regions, 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 in Africa.
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 worldwide digital transformation and financial inclusion.