UnionPay International (UPI) and the National Payment Corporation of Vietnam (NAPAS) will enhance their collaboration on cross-border QR code payment interoperability.
The partnership will allow Vietnamese bank apps and e-wallets to use UnionPay‘s QR payment system on each other’s networks, facilitating seamless transactions across both countries.
This partnership is expected to improve payment convenience for Vietnamese travelers in mainland China, enabling them to scan UnionPay QR codes for payments.
It also strengthens UnionPay’s service capability for both inbound and outbound payments, benefiting users from both countries.
The collaboration follows an earlier MOU, signed in August 2024, between the central banks of China and Vietnam to promote cross-border payment systems.
UnionPay’s global network spans 183 countries and regions, with over 69 million online and physical merchants accepting UnionPay cards outside China.
In Southeast Asia, over 90% of ATMs and POS terminals support UnionPay, and in Vietnam, 90% of POS terminals accept UnionPay cards, with 60,000 merchants supporting QR payments.
Featured image credit: Edited from Pexels
