UnionPay International fuels QR code payment network in Southeast Asia
By Gloria Mathias
UnionPay International signed a memorandum of cooperation with Laos National Payment Network (LAPNet) and Payments Network Malaysia (PayNet), to promote the use of UnionPay in the SEA payments network.
UnionPay International has added Lao’s LAPNet and Malaysia’s PayNet to their rapidly expanding QR code payment network, enabling the acceptance of UnionPay mobile payment products by local QR code merchants, as well as the use of mobile banking apps and e-wallets supported by PayNet and LAPNet in UnionPay QR code network standards.
“Expanding our payment scope is an integral part of implementing UnionPay’s concept of shared growth, which means that in addition to mutual benefit with our partners, we are also committed to giving back to society,” said Cai Jianbo, President of China UnionPay and Chairman of UnionPay International. “By promoting increased financial integration capabilities, we are providing more convenient and reliable services for people in numerous places to integrate and interoperate across various regions and countries.”
UnionPay International and LAPNet joined forces, leveraging their expertise in bank card payments, to enhance cross-border mobile payment experiences for residents of both countries.
This innovative cooperation model expands UnionPay’s QR code network and strengthens cross-border service capabilities. It has also formed agreements with networks in South Korea, Sri Lanka, Vietnam, Cambodia, Malaysia, and other regions since its launch last year.
The network interconnection agreement signed with UnionPay International in Shanghai in August has officially come into effect. Starting this October, Mainland China, Hong Kong, and Macau versions of the UnionPay App, as well as bank apps connected to the UnionPay App Network Payment Platform, can scan QR codes to pay at over a million merchants under the PayNet’s umbrella.
Under the strategy of growing together, collaborative development that benefits international customers promotes mobile payments and grows customer rewards under the growing together philosophy.
“Moving forward, UnionPay International will continue to accelerate the pace of business implementation and improve payment service capabilities for a wider range of residents,” said Jianbo.
IBSi Daily News Analysis
February 23, 2024
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