UnionPay International (UPI) and Vietnam National Payment Services Corporation (NAPAS) will strengthen cooperation on cross-border QR code payment interoperability.
This partnership will enable the use of Vietnamese banking apps and e-wallets. UnionPayQR payment system will be introduced on each other’s networks to facilitate seamless transactions between the two countries.
This partnership is expected to improve payment convenience for Vietnamese travelers in mainland China, allowing them to pay by scanning UnionPay’s QR code.
This will also enhance UnionPay’s service capabilities for both inbound and outbound payments, benefiting users in both countries.
This cooperation follows a previous MOU signed between the central banks of China and Vietnam in August 2024 to facilitate cross-border payment systems.
UnionPay’s global network spans 183 countries and territories, with more than 69 million online and brick-and-mortar stores accepting UnionPay cards outside of China.
In Southeast Asia, more than 90% of ATMs and POS terminals support UnionPay cards, and in Vietnam, 90% of POS terminals accept UnionPay cards and 60,000 merchants support QR payments.
Featured image credit: Edited from pexel
