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UnionPay's big push in Africa

Aug 05, 2019 - African Banker
Partnership Announcement

As most of Africa, in step with the rest of the world, transitions to a cashless society, new solutions and payment providers come on board. China's UnionPay is about to take Africa by storm. Report by Sam Smith.

Globally, card payments have been dominated by American giants. Providing payment solutions is big business with healthy margins, as long as scale can be achieved. In 2017, Mastercard had revenues of $12.5bn with profits of $3.9bn, a 30% margin. Visa in 2018 had earnings in excess...