This collaboration provides a full range of payment options by leveraging both Union Pay's extensive card acceptance network and FET's payment technology via its app.

Funds and Electronic Transfer Solutions (FETS), a payment solution provider, and UnionPay International (UPI), a global payment firm, have announced an alliance to issue virtual cards via the FETS app in order to increase UPI card issuance in Nigeria.

This collaboration provides a full range of payment options by leveraging both UnionPay's extensive card acceptance network and FETS payment technology.

The partnership's major purpose, according to the parties, is to provide clients with access to a variety of payment choices such as digital wallets, virtual cards, and other payment methods.

These solutions, according to the parties, are designed to satisfy the ever-changing needs of consumers and organisations in a world that is becoming more digitally connected and digitally native.

"This partnership with UnionPay International provides businesses and customers with a more robust payment experience, as well as an opportunity to further drive financial inclusion and deepen the Central Bank of Nigeria's cashless agenda and strategy," said FETS CEO Omotade Odunowo.

Asad Burney, general manager of UPI Africa Branch, stated, “This collaboration is a significant step towards our ongoing objective of delivering high-quality payment solutions. In collaboration with FETS, we will help businesses to thrive in the digital economy while ensuring that clients can conduct business conveniently and safely.

"With the growing trade volume between Africa particularly Nigeria and China, this partnership would leverage on UnionPay's products offerings, the global UnionPay network to complement the innovation drive of FETS in electronic payment, financial inclusion and cashless payment within Nigeria."