Moving Forward with Malaysian Payment Network PayNet:
KUALA LUMPUR, Malaysia, Oct. 27, 2023 /PRNewswire/ -- Now, all QR merchants in Malaysia can service consumers with UnionPay, building on the collaboration between UnionPay International (UPI) and Payments Network Malaysia Sdn Bhd, or PayNet, Malaysia's national payments network. 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 totaling over one million, 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.
In recent years, the central banks of many Southeast Asian countries have been building own payment systems and promoting the two-by-two connection of QR code payment networks. 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: Chinese consumers visiting Malaysia are able to use UnionPay QR payment products they are familiar with for a better spending experience. In the future, Malaysian residents may pay with PayNet wallet conveniently at UnionPay QR merchants worldwide.
UnionPay, relying on its advantages in standards, technology, services and other fields, has accelerated the implementation of QR Network Interoperability payment solution, which supports the mutual use of UnionPay products and overseas wallets in the overseas networks. Through this innovative business cooperation model, overseas payment networks can improve their service capabilities for international consumers with low cost and high efficiency. So far, more than 20 wallets in 8 countries in the ASEAN region have supported UnionPay QR codes.
Currently, UnionPay cards are accepted in 180 countries and regions outside the Chinese Mainland, covering more than 63.5 million online and in-store merchants, of which more than 16 million merchants also support UnionPay's QR code or QuickPass payment. At present, UPI has promoted more than 170 wallets in more than 30 countries and regions, becoming an important driving force for business localization. It is expected that by the end of this year, there will be 200 overseas wallets supporting UnionPay mobile payment services.
