SHANGHAI, Oct. 15, 2024 — On October 13, UnionPay International (UPI) and the National Payment Corporation of Vietnam (NAPAS) signed a Memorandum of Understanding (MOU) in Hanoi. This agreement aims to enhance cross-border QR code interoperability, allowing UnionPay and Vietnamese local bank applications/e-wallets to process QR payments on each other’s networks. The goal is to improve the payment experience for users from both countries. Mr. Dong Junfeng, Chairman of UnionPay International, and Mr. Nguyen Quang Hung, BOD Chairman of NAPAS, were present at the signing ceremony.
Mr. Dong Junfeng stated that UnionPay, as a prominent financial infrastructure and global card scheme, is committed to expanding its acceptance network and fostering interoperability with international payment networks. This approach promotes an open and inclusive ecosystem, and has already been implemented in several ASEAN countries. The collaboration in Vietnam signifies a significant advancement in this effort. This partnership will provide convenient payment services for Chinese and Vietnamese travelers, supporting the high-quality cooperation of the Belt and Road Initiative and contributing to China’s high-standard opening up.
On August 19, 2024, the central banks of China and Vietnam signed an MOU to strengthen collaboration in areas such as cross-border payment interoperability. Aligned with this framework, UPI is deepening its partnership with NAPAS and will extend the UnionPay network to encompass Vietnamese wallets on a broader scale. Going forward, Vietnam’s local banking app and e-wallet users will be able to scan UnionPay QR codes to make payments in mainland China.
This collaboration is significant as it enhances UnionPay’s service capabilities, facilitating both inbound and outbound payments and simplifying the payment process for Vietnamese visitors to China. It also drives the transformation of Vietnam’s payment industry by enabling local banking apps and e-wallets to expand their reach beyond the domestic market. Furthermore, it sets a precedent for payment network collaboration among neighboring countries and establishes a new level of network connectivity between China and ASEAN nations.
UnionPay’s innovative collaboration model for QR networks, known as network interoperability, allows UnionPay and its global partners to achieve widespread mutual acceptance through simple integration. This model has gained substantial recognition from international industry players since its inception. UnionPay’s partnerships with QR code networks in South Korea, Sri Lanka, Cambodia, Malaysia, and Laos have resulted in an increase in the number of UnionPay QR merchants to 8 million outside mainland China, demonstrating the effectiveness of this approach as it scales up.
UnionPay’s acceptance network spans 183 countries and regions. Outside mainland China, over 69 million online and physical merchants accept UnionPay cards, and nearly 250 million UnionPay cards have been issued in 83 countries and regions. In Southeast Asia, UnionPay is accepted at over 90% of ATMs and POS terminals, and UnionPay mobile payment services are available in all ten ASEAN countries. The region has witnessed the issuance of nearly 50 million cards and the launch of 30+ UnionPay-powered wallets. In Vietnam, over 90% of merchant POS terminals accept UnionPay cards, over 60,000 merchants support QR payments, and numerous local organizations have issued UnionPay cards and launched UnionPay-powered wallets on a large scale.
Source: UnionPay International
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