China’s UnionPay International joins hands with Vietnam’s NAPAS
By Gloria Mathias
UnionPay International (UPI) and the National Payment Corporation of Vietnam (NAPAS) have signed an MOU in Hanoi to deepen the collaboration on cross-border QR code interoperability and enable QR payments by UnionPay and Vietnamese local bank applications/e-wallets on each other’s networks.
Dong Junfeng said, “UnionPay, as China’s important financial infrastructure and a global card scheme while improving its acceptance network, has been actively driving interoperability with payment networks in international markets to build an open and inclusive ecosystem. This partnership model has been widely implemented in ASEAN countries.”
“The collaboration in Vietnam, as the latest achievement, will provide convenient payment services for the Chinese and Vietnamese as they travel across borders, help both countries promote the high-quality cooperation of the Belt and Road Initiative, and contribute to China’s high-standard opening up,” added Junfeng.
In August 2024, the central banks of China and Vietnam signed an MOU further to promote collaborative efforts in areas including cross-border payment interoperability. In line with this framework, UPI has been deepening collaboration with NAPAS and will open up the UnionPay network to Vietnamese wallets on a large scale. In the future, Vietnam’s local banking app and e-wallet users will be able to scan UnionPay QR for payment on China’s mainland.
The collaboration is significant in that it enhances UnionPay’s service capability to support both inbound and outbound payments, making payments easier for Vietnamese visitors to China. In addition, it helps drive the transformation of the payment industry in Vietnam by supporting local banking apps and e-wallets to expand their use not only in domestic but also in partner countries. Moreover, it sets an example of payment network collaboration for the neighbouring countries and brings network linkages between China and ASEAN countries to a new level.
Network interoperability is UnionPay’s innovative collaboration model for QR networks. It allows UnionPay and its international partners to quickly enable mutual acceptance on a large scale through simple integration. Up to now, UnionPay has expanded QR code networks in South Korea, Sri Lanka, Cambodia, Malaysia, and Laos.
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November 08, 2024