SHANGHAI, Nov. 21, 2023 /PRNewswire/ -- UnionPay International ("UPI" or "the Company") recently 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 covering retail, catering, campus, transportation, and medical care, among many other scenarios.
"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. "In the past ten years, UnionPay International has accelerated its business while improving its international acceptance network and localised business. 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."
UPI's collaboration with Laos LAPNet underpins its commitment to "glocalized" innovation
In a collaborative effort guided by the Central Bank of Laos, LAPNet initiated the promotion of the national QR code standard, LaoQR, towards the end of last year. 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. Their agreement aims to align LaoQR with UnionPay QR code standards through UPI's "network interconnection and interoperability" model, ensuring the future acceptance of UnionPay mobile payment products by local QR code merchants.
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.
Collaboration between UPI and Malaysia's PayNet empowers two-way international payment service capabilities
The network interconnection agreement signed with UnionPay International in Shanghai in August has officially come into effect. Starting from this October, Mainland China, Hong Kong and Macau versions of UnionPay App, as well as bank apps connected to UnionPay App Network Payment Platform, can scan QR codes to pay at over a million merchants under the PayNet's umbrella. In the future, both parties will also enable Malaysian mobile banking apps and e-wallets supported by PayNet to be used within the UnionPay network to further enhance the cross-border payment experience for international travelers, especially when coming to China.
Under the strategy of growing together, collaborative development that benefits international customers, promotes mobile payments, and grows customer rewards under the growing together philosophy
Currently, UnionPay International has issued 200 million UnionPay cards outside the Chinese mainland. In Kenya, for example, locals use UnionPay cards as student, citizen, and salary cards that integrate seamlessly into everyday local life. More than 170 UnionPay e-wallet products have been launched in 30 markets such as South Korea, Singapore, Malaysia, Vietnam, Pakistan, Nepal, and Kenya. Among them, Singapore's largest mobile payment product, PayLah!, K Plus, the largest mobile bank in Thailand, and Boost, the leading e-wallet in Malaysia, have all accessed UnionPay mobile payment services.
UnionPay International has also recently launched an autumn- and winter- themed global network special offer at 10,000 stores globally, with instant discounts of up to 50 percent. The promotion covers more than 30,000 merchants in 30 popular international tourist destinations and includes superior plans, preferential rebates, instant discounts, exchange rate discounts, and UnionPay rewards, marking the largest UnionPay card marketing promotion since the resumption of post-pandemic international travel.
"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 Cai.
