South Africa’s Standard Bank has entered into a strategic partnership with China UnionPay (CUP) allowing for CUP cardholders who visit South Africa to withdraw cash from over 4300 Standard Bank ATM machines and make payments through its point-of-sale (POS) terminal network.

The two parties have commenced work on the implementation of the system and expect it to be fully functional by the end of 2009. By being able to withdraw cash and make payments directly at Standard Bank ATM machines and its merchant POS networks, CUP cardholders will be offered a convenient, safe and cost-effective experience during their stay in South Africa.

Standard Bank is a leading credit card and debit card issuer in South Africa. Every month, in excess of 9-million transactions are made through Standard Bank’s merchant POS networks.

According to South African Tourism Bureau, some 47,000 Chinese tourists visited South Africa in 2007, an 13% increase compared with 2006, making South Africa one of the fastest-growing Chinese tourist destinations. The World Cup due in 2010 is expected a much bigger number of tourists including Chinese to explore the country’s best sites as well as watch the games.

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