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AfricaMoney | August 21, 2017

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Mauritius: SBM and Union Pay join hands to launch two new cards

Mauritius: SBM and Union Pay join hands to launch two new cards

SBM, the island economy’s second largest bank, was the first banking services major in Mauritius to introduce an eCommerce payment gateway and it is now the first to offer Union Pay online payment. (Image: SBM)

The State Bank of Mauritius (SBM) in partnership with Union Pay International unveiled two new bank cards: a debit card SBM-UnionPay and a prepaid card, SBM-UnionPay Travel Mate China.

Showcased on April 24 in the presence of high-end officials of Union Pay International, which boasts the widest network of cardholders in the world, this launch is a first for Africa.

It is to be noted that SBM, the island economy’s second largest bank, was the first banking services major in Mauritius to introduce an eCommerce payment gateway and it is now the first to offer Union Pay online payment.

Jairaj Sonoo, Chief Executive officer, Banking, Indian Ocean Islands, SBM, declared that the two new cards will facilitate the stay of retailers, businessmen, students and other Mauritian tourists going to China and other countries of the Far East, such as Hong Kong, Taiwan, Singapore, Japan, Malaysia and Indonesia.

Available in Mauritian rupees and given free of charge, the debit card allows the holder to make purchases at approximately 13 million points of sale worldwide or make cash withdrawals in Mauritius and abroad through about 1.6 million ATMs.

Endowed with a chip, the debit card offers the highest level of security to the customer and is accepted in 142 countries, of which China and those of the Far East bear special mention.

The card can be used according to the amount in the holder’s SBM bank account and the value of purchases is drawn up according to the exchange rate of the country’s currency where the card is used.

On the other hand, the prepaid offering ‘SBM-UnionPay Travel Mate China’, is available in the Chinese currency of Renminbi. The card’s fee is fixed at Rs 200, as it is the case for other prepaid cards.

The holder refills the card for a predetermined amount and a fixed exchange rate. The management of SBM described this card as a “cheaper and convenient way to send money to your relatives in China.”

The user benefits from exceptional discounts in 7.6 million Chinese points of sale and in other countries. Cash withdrawals can be also made at 550,000 ATMs in China and other countries.

Chinese workers in Mauritius will benefit from these cards as they can transfer their money more easily to their family, and at a lower cost.

The prepaid card in Renminbi SBM-UnionPay widens the variety of prepaid cards that SBM deals in. SBM has the ability to propose prepaid cards in Mauritian rupees, USD, GBP, Euro, as well as in Singaporean and Australian dollars.

Jairaj Sonoo congratulated the efforts of the teams at SBM teams and Union Pay International for conceptualizing and launching the two new cards.

He indicated that this development was made possible because of the huge investments made by the bank to modernize its technological platform.

“Convenience and security is the cornerstone of SBM’s service,” he stated, adding that service and innovation are central to management philosophy at SBM.

Besides, David Lee, Chief Corporation Officer of UnionPay International, spoke about the strengthening of business relationships between China and Mauritius, spurring a huge demand for high quality services in bank cards.

The latter referred to the advances made on the bank’s technological platform and how it has been enhanced by the partnership between UnionPay and SBM, which was formalized in 2012.

Comments

  1. Awesome case.

  2. Sounds like a great product!

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