Dubai-based Vaulsys has entered into a partnership to become a Third Party Service Provider (TPSP) of UnionPay International.
The move is aligned with the UAE’s vision to further digitise the payment industry.
As agreed, Vaulsys will deploy its systems in three locations across Pakistan, Africa and the UAE to serve UnionPay cardholders across the Middle East and Africa regions.
The company plans to offer UnionPay card issuance, card acceptance, cross border remittance, QR payment (issuance and acquiring) and online payments through UPOP.
Vaulsys CEO Usman Qureshi said: “We are very excited to be a TPSP agent of UnionPay International.
“Teaming up with UnionPay International to provide access to UnionPay cards and digital payments is an exciting development for our company and will enable us to bring further value to our products and customers in the MEA region.”
UnionPay is one of the largest card payment entity in the world with more than 8.4 billion cards issued in 61 countries and regions. The Chinese firm is present in 11 Middle East countries.
UnionPay International Middle East Branch general manager Han Wang said: “UnionPay is committed to providing secure and seamless payment experiences to our cardholders worldwide.
“We believe this partnership will drive further growth of the payment ecosystem and bring more benefits to the customers, merchants in the MEA region.”