UnionPay accepts payments at all QR Merchants in Malaysia
By Gloria Mathias
UnionPay International (UPI) and Payments Network Malaysia Sdn Bhd, or PayNet, Malaysia’s national payments network, have collaborated and will be able to cater to all QR merchants in Malaysia for consumer payments.
This cross-border QR code linkage enables the full acceptance of the UnionPay App (Chinese-mainland, Hong Kong, and Macao versions) and Chinese-mainland bank apps connected to the UnionPay App Network Payment Platform at the QR merchants in Malaysia.
As the designated operator of DuitNow QR, Malaysia’s national QR code standard, PayNet works with all QR merchants in the country, which can service UnionPay cardholders without any adaptation of the systems or the QR code. Besides, newly enrolled QR merchants in Malaysia will support UnionPay-powered wallets by default.
This partnership marks the first implementation of UnionPay’s cross-border QR payment interoperability model in the ASEAN region. Also, the cooperation with PayNet is of great significance for both sides since Chinese consumers visiting Malaysia can use UnionPay QR payment products they are familiar with for a better spending experience.
UnionPay has accelerated the implementation of the QR Network Interoperability Payment Solution, which supports the mutual use of UnionPay products and overseas wallets in overseas networks. Through this innovative business cooperation model, overseas payment networks can improve their service capabilities for international consumers with low costs and high efficiency.
So far, more than 20 wallets in 8 countries in the ASEAN region have supported UnionPay QR codes. At present, UPI has promoted more than 170 wallets in more than 30 countries and regions, becoming an important driving force for business localization.
IBSi Daily News Analysis
November 28, 2023
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