back Back

UnionPay rolls out virtual cards in Vietnam for the first time

By Edil Corneille

January 22, 2021

  • UnionPay
  • Vietnam
Share

UnionPay, UPI, China, payments, FinTech, card, VietnamUnionPay International (UPI) announced today its cooperation with the Military Commercial Joint Stock Bank (Military Bank) in Vietnam to issue 600,000 virtual cards supporting online and QR Code payment, thereby marking the first massive rollout of UnionPay virtual cards in the country. Mobile payment service has become a major driving force behind UnionPay’s business localisation in global markets. More than six million UnionPay virtual cards were issued outside Mainland China last year, with over half issued in Southeast Asia.

At present, UnionPay mobile payment service has been implemented in all of the 10 ASEAN countries at over 500,000 merchants in various sectors. Building on the acceptance, the company has been serving the local residents by partnering with payment industry players in the region. 18 e-wallets compliant with the company’s specifications have been introduced in Singapore, Thailand, Malaysia, Vietnam and Cambodia which can be used once a card is linked. 6 mobile wallets including Boost in Malaysia and Aleta Planet Nestia in Singapore also enable users to apply for the virtual cards, offering a more convenient payment experience.

As the second UnionPay-compliant e-wallet launched in Vietnam, the mobile app of Military Bank allows local residents to apply for cards in the app and pay with QR Code at more than 40,000 local merchants. The app can also be used at over 30 million global merchants when the user travels internationally.

In addition to mobile payment service, an increasing number of local residents in Vietnam are said to be making payments with UnionPay cards which are accepted by 90% of local merchants. Several major Vietnamese banks including Sacombank have issued the cards, and purchase transaction volume over the first 10 months of 2020 grew by 40%. UPI recently collaborated with VietinBank, one of the largest commercial banks in the country, to issue the first platinum UnionPay card supporting tap-and-go payment in Vietnam.

UnionPay has extended its global acceptance network to 179 countries and regions, of which 85 support the mobile payment service. Over 90 UnionPay-compliant mobile wallets have been launched in 15 countries and regions outside Mainland China, in the forms of UnionPay App, UnionPay QR Code wallets, and mobile payment products.

Previous Article

January 22, 2021

Barclaycard’s data reveals nine in ten transactions made using contactless tech in 2020

Read More
Next Article

January 22, 2021

Refinitiv partners with The Sentry to prevent war criminals abusing the financial system

Read More






IBSi Daily News Analysis

UK, Bank

July 12, 2024

UnionPay

Global securities lending revenue sees sharp 16% decline to $2.53bn in Q2 2024, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

July 12, 2024

Nuvei and Mastercard team to enable crypto to fiat conversion

Read More

July 12, 2024

Payset and ClearBank partner for local and cross-border payments

Read More

July 12, 2024

Network International launches Business Payment Solutions with Mastercard

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
Wealth Management & Private Banking Systems Report Q2 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2024