UnionPay QR Code payment is accepted at over 40 million merchants in 45 markets, including those most popular with MY residents.
KUALA LUMPUR, Malaysia, Jan. 18, 2023 /PRNewswire/ -- With the upcoming Chinese New Year (CNY) holidays and border controls lifted, Malaysia residents are expected to travel within the country and to other destinations. When travelling, Industrial and Commercial Bank of China (Malaysia) Berhad (ICBC Malaysia) customers can enjoy fast, instant, secure and efficient payment by using their ICBC Malaysia Mobile Banking App to scan UnionPay QR Code payment at over 40 million brick-and-mortar retailers in 45 countries and regions. UnionPay QR Code is accepted all over Malaysia at close to 150,000 merchant terminals, and in popular travel destinations nearby like China, Singapore, Thailand, Indonesia and more.
This QR Code payment service is the result of a collaboration between ICBC Malaysia and UnionPay International (UPI) - seamlessly integrating UnionPay's QR Code payment with ICBC Mobile Banking App. This allows ICBC Malaysia customers to use the ICBC Malaysia Mobile Banking App to pay securely at UnionPay QR Code-enabled merchants locally and globally, avoiding the hassle of changing foreign currencies and carrying clunky cash.
With border controls now lifted, Malaysian residents can travel to China, which offers abundant tourism resources. UnionPay QR Code is well accepted at millions of merchants in Mainland China, covering a wide range of payment scenarios like retail, dining, public transportation, tourism and more. Whether traveling in Malaysia or out of Malaysia during the upcoming festive season, ICBC Malaysia customers can also use ICBC Mobile Banking to conveniently scan UnionPay QR Code to pay at merchants. The app automatically handles the transaction's currency conversion, so consumers simply need to scan and pay in a few steps, as well as, have a peace of mind in currency exchange.
"Although there are many mobile wallets in Malaysia, only a select few and the UnionPay-enabled ones are able to perform cross border payments as the UnionPay QR Code is based on global EMVCo standards, accepted at 45 million merchants globally that is enabled with UnionPay QR Code. Hence we are pleased that the ICBC Mobile Banking App is now able to scan UnionPay QR Code for payment, offering ICBC customers a superior and more convenient way to pay when travelling during this festive period, no more worries about safety of carrying cash abroad and fumbling with foreign notes and coins" said Mr. David Chong, Assistant General Manager, UnionPay International South East Asia.
Said ICBC Malaysia, "Malaysian residents have been travelling locally, regionally and globally to take advantage of many markets opening up. We are very pleased to be able to offer ICBC Malaysia customers this fast, secure and seamless way to pay when they are travelling during this CNY period, using the ICBC Mobile Banking App to scan and pay with UnionPay QR Code. With Malaysia residents already readily adopting mobile payments as part of their daily living, we are confident that they will find this payment method a boon when travelling."
Consumers can enjoy up to 150 MYR instant rebates at Econsave and TF Value-Mart in Malaysia when using the ICBC Mobile Banking App to scan UnionPay QR Code to pay for their travel essentials and more. They will also enjoy more merchant offers and privileges when scanning UnionPay QR Code to pay in Mainland China, Singapore, Thailand, and more destinations.
About ICBC Malaysia
Industrial and Commercial Bank of China Malaysia (hereinafter referred to as 'ICBC Malaysia'or'the Bank'), a wholly owned subsidiary of Industrial and Commercial Bank of China Limited having its registered office at Level 10, Menara Maxis, Kuala Lumpur City Center, 50088 Kuala Lumpur，was incorporated on 28 January, 2010 and officially commenced its business on 28 April, 2010.
As a full banking license financial institution, coupled with the deepening relationship between China and Malaysia, the Bank is actively and will continue to provide high quality financial services at all aspects to its customers, be that of trade, cross-border enterprises/investors, financial institutions and retail.
About UnionPay International
UnionPay International (UPI) focuses on the international business of UnionPay, a global payment network that serves the world's largest Cardholder base. With over 70 million merchants accepting UnionPay in 181 countries and regions, as well as 40 million merchants in 45 markets globally accepting UnionPay Quick Response (QR) Code, UnionPay is one of the fastest-growing payment networks in the world.
As a company with a global acceptance network and a wide range of world-class payment services, UnionPay is committed to providing access to value and secure payment solutions that are tailored to the needs of the local market, to enable choice and ease of payment for consumers and businesses alike.
In Southeast Asia, UPI has enabled ATM, POS acceptance, card issuance and e-wallets across all 10 countries. In Malaysia, a range of UnionPay Cards and several apps are enabled to scan UnionPay QR Code, including ICBC Mobile Banking App. For more information on UnionPay Malaysia, visit https://www.unionpayintl.com/my/ .
