Network International and China’s UnionPay International have successfully executed their first pilot QR code -based payment transaction at a merchant outlet in the UAE.
The pilot transaction follows UnionPay International’s agreement last year with Network International. That deal enables approximately 10,000 merchant terminals in the UAE to support UnionPay’s QR code -based payment service.
The initiative aims to bring further convenience to UnionPay cardholders who use the ‘UnionPay’ app.
China’s multi-billion dollar ‘Belt and Road Initiative’ (BRI) has contributed to the country maintaining its position as the UAE’s largest trading partner for several years. More than 15.9 million Chinese visited the UAE in 2018, according to Dubai Tourism figures. This makes UnionPay cards an increasingly important tool for payments. UnionPay cards are currently accepted, online and offline, across the UAE.
In 2018, trading volumes of the domestically issued UnionPay cards increased nearly 20% year-on-year.
Network International FY2019 revenue +12.4%
Meantime, Network International reports a 12.4% in revenue for fiscal 2019 to $334.9m.
Middle East revenue grows by of 9.2% y-o-y. This is driven by increased TPV, transactions and cross-selling. At the same time, Africa revenue rises by 22.2% y-o-y. This is driven by volume growth in cards hosted and TPV, complemented by new customer wins and cross-selling. Furthermore, underlying EBITDA rises by 13.3% with profit from continuing operations up by 26.3%.
Simon Haslam, CEO says: “We are delivering on the strategic priorities and guidance we set out at the time of IPO. Growth across all business lines remains healthy, enabled by our unique competitive position in our markets. I am particularly pleased that we have successfully migrated customers to our new technology platforms.
“We remain excited by the growth opportunities available to our business; through market consolidation, substantial outsourcing contracts, or selective acquisitions. Such opportunities typically require investment and time to develop, but we will generate significant incremental returns over the longer term.”