UnionPay International, a wholly-owned subsidiary of China UnionPay, has reached an agreement with Vietnam Payment Solutions (VNPAY), a QR code payment acquirer, to enable 30,000 local merchants to accept its QR code payment.
Besides enabling merchants to accept UnionPay QR code payment, both the parties will collectively expand QR code payment acceptance at online merchants.
The collaboration will enable UnionPay cardholders to pay for airline tickets and movie tickets online using UnionPay QR code payment.
China UnionPay vice chairman Chen Zhi said: “Leveraging on its advantages in network, products and technologies, UnionPay is willing to assist Vietnam to enhance its electronic payment level and to realise smooth cross-border payment between China and Vietnam through local card issuance and the rollout of mobile payment services.
“In the future, we hope to carry out more flexible and diversified forms of collaboration with local institutions such as VNPAY on the UnionPay e-wallet products to promote the localisation of UnionPay’s mobile payment services in Vietnam.”
VNPAY chairman Trần Trí Mạnh stated: This move will help reduce the cost of payments in Vietnam, change the cash-based payment habits of local residents, bring more business opportunities to local businesses, and promote the comprehensive development of the electronic payment industry in Vietnam.”
Earlier in February this year, UnionPay inked an agreement with Sacombank that enabled hundreds of merchants in Vietnam to accept UnionPay QR code payment.
To date, nearly all ATMs and more than 90% of merchants in Vietnam accept UnionPay cards. Major airlines including Vietnam Airlines and VietJet Air have already accepted UnionPay cards for online purchase.