KUALA LUMPUR, Sept. 29, 2020 /PRNewswire/ -- Global payment network UnionPay is slated to roll out a new upgrade for GoPayz, a universal e-wallet developed by U Mobile, that will make mobile contactless payment available on its Android app through host card emulation (HCE). From today, GoPayz users will be able to pay for their purchases locally and overseas with a quick "tap and pay" motion using their Virtual UnionPay card on the app.
According to Research and Markets, the mobile payment industry in Malaysia is expected to record a compound annual growth rate (CAGR) of 20.7% to reach US$ 70,677.3 million by 2025, with the mobile wallet payment segment increasing at a CAGR of 20.6% between 2018 and 2025. With more consumers in Malaysia adopting contactless mobile payment methods in a bid to minimise physical contact and reduce social interactions following the recent global public health crisis, the growth of mobile payment adoption may well be accelerated further.
"The adoption of mobile payments has been gaining momentum in Malaysia, and we are delighted to be expanding our partnership with U Mobile to deliver a wider range of mobile payment solutions to consumers in Malaysia. As the rate of digitalisation continues to accelerate, we believe that it is crucial for us to continue providing innovative payment solutions that are easily accessible by consumers, to encourage more people to go cashless. Not only will this contribute to the country's drive towards a cashless society, we believe that this will also enable greater financial inclusion for Malaysians," said Huiming Cai, General Manager, UnionPay International Southeast Asia.
"GoPayz is delighted to partner UnionPay International to be the first e-wallet in Malaysia to offer contactless HCE solution for our customers who own NFC-enabled smartphones. GoPayz's purpose is all about making financial and digital services accessible to all and this feature certainly is in line with that as it makes payments even more seamless for our customers. As GoPayz may be used locally and overseas, they may enjoy this contactless HCE solution anywhere in the world that the service is made available," said Jasmine Lee, CMO of U Mobile.
In recent months, UnionPay has also been working with GoPayz to pave the way for more consumers to enjoy the benefits of digital payments. With GoPayz now being accepted by a wide range of merchants such as Caring, Econsave, Family Mart, Guardian, Hamleys, Old Town White Coffee, Petron, Switch, Tealive, Watsons and more, consumers can continue to look forward to the rapid digitalisation of the payment landscape in the coming months.
HCE is automatically enabled for GoPayz customers who are using Android smartphones, with the virtual UnionPay card available on the app. Beyond Malaysia, GoPayz users can also use the app to make payment overseas at over 20 million UnionPay mobile contactless merchants in 51 countries and regions, and over 30 million UnionPay QR Code merchants in 40 countries and regions.
GoPayz is available for download on Google Play Store and Apple App Store. New GoPayz users will also get a free e-voucher worth up to RM18. To download, go to bit.ly/_GPUPI.
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 8 billion UnionPay cards issued in 61 countries and regions, over 52 million merchants and around 2.9 million ATMs accepting our cards in 179 countries and regions, 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 and card issuance across all 10 countries. For more information, visit www.unionpayintl.com.
In Malaysia, UPI collaborates with AmBank, Bank of China, Boost, GoPayz, Industrial and Commercial Bank of China, and Public Bank to issue a wide range of payment products.
About GoPayz
GoPayz is revolutionising the way people pay and use financial services. From micro insurance to wealth investment, GoPayz enables everyone to access affordable financial services anytime and anywhere. We are focused on developing innovative digital financial services that enhance the lifestyles of our customers and we believe financial inclusion is the foundation on which our brand is built upon. For more information on GoPayz's products and services, please visit www.gopayz.com.my or contact GoPayz's customer care line at +6018 388 3388
For media enquiries, please contact:
Jaclyn Phan
IN.FOM (Partnering agency of UnionPay International)
jaclyn@infom.asia