From left: Mr. David Chong, Assistant General Manager, UnionPay International Southeast Asia, Mr. Cai Huiming, General Manager, UnionPay International Southeast Asia, Mr. Farhan Ahmad, Group Chief Executive Officer, Payments Network Malaysia, and Mr. Gary Yeoh, Chief Commercial Officer, Payments Network Malaysia.
MALAYSIA, June 20 (Bernama) -- UnionPay International (UPI) has partnered with Payments Network Malaysia Sdn Bhd (PayNet), Malaysia’s national retail digital payments network, to enable cross-border UnionPay QR payment to be accepted in Malaysia via DuitNow QR, Malaysia's national QR standard, and vice versa.
Beginning September 2023, tourists from China who are UnionPay QR users can make cross-border payments at DuitNow QR acceptance points across Malaysia. Reciprocal enablement of DuitNow QR at UnionPay QR acceptance points in China & countries where UnionPay QR is present will follow at a later date.
UnionPay has over 40 million merchants in 47 markets globally. This collaboration will enable UnionPay cardholders to conveniently use all UnionPay enabled wallets to scan DuitNow QR Code and make payments in Malaysia. Malaysia has the second highest rate of cashless payment adoption in Southeast Asia and is expected to have 25 million mobile wallets users by 2026. With this partnership, DuitNow QR merchants in Malaysia will be able to better serve Chinese tourists visiting Malaysia with over 1.7 million acceptance points nationwide.
Mr. Cai Jianbo, President of UnionPay China and Chairman of UPI said, “The collaboration is significant for both sides as cross-border travel gradually resumes. In addition to UnionPay card transactions on the ATMs and POS terminals, Chinese consumers visiting Malaysia will be able to use UnionPay mobile payment products they are familiar with for a better spending experience. In the future, Malaysian residents may pay with DuitNow QR enabled wallets conveniently at UnionPay QR Code merchants worldwide. The partnership also marks the first implementation of UnionPay’s cross-border QR Code payment interoperability model in the ASEAN region. It lays a solid foundation for collaborations on cross-border QR Code payments within the region, driving the transformation and development of the payment industry.”
Mr. Farhan Ahmad, the Group Chief Executive Officer of PayNet said, “This partnership opens up amazing opportunities for DuitNow QR merchants in Malaysia to better serve the estimated five million tourists from China. We are proud to be the first country in ASEAN to have this collaboration with UnionPay, expanding on our existing cross-border partnerships with Thailand, Indonesia, and Singapore. It allows us to leverage on the exponential network effect of a partner with an extensive global presence. DuitNow QR payments will soon be accessible in markets where UnionPay is present. As tourism gathers momentum post pandemic, a seamless payment experience that is secure, reliable, and convenient is becoming crucial to unlock more cross-border commerce and new revenue streams which were previously beyond our reach.”
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 cards in 181 countries and regions, as well as over 40 million merchants in 46 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, Bank of China Mobile Banking App, Boost app, GoPayz and S Pay Global. For more information on UnionPay Malaysia, visit
https://www.unionpayintl.com/my/.
About Payments Network Malaysia Sdn BhdPayments Network Malaysia (PayNet) is the national payments network and central financial infrastructure for Malaysia with the vision to empower Malaysia's digital economy. Our extensive retail payments suite, DuitNow (QR and P2P), JomPay (Bill Payments), FPX (Online), MyDebit (Domestic Debit), MEPS (ATM), and IBG (Interbank GIRO) has near ubiquitous coverage across the nation and is part of the daily fabric of life in Malaysia. In addition, PayNet’s real time retail QR payments network, DuitNow, is also interoperable with domestic schemes in Singapore, Thailand, and Indonesia to enable seamless cross-border transactions with those countries.
PayNet is committed to promoting a secure, efficient, and innovative payments ecosystem in Malaysia, and works closely with its stakeholders to develop new products and services that meet the evolving needs of consumers and businesses.
For more information, please visit
www.paynet.my.
SOURCE: Payments Network Malaysia (PayNet)
FOR MORE INFORMATION, PLEASE CONTACT:
Name: Charissa He
UnionPay International
Email: charissahe@unionpayintl.com
Name: Amy Pang
Payments Network Malaysia Sdn Bhd
Email: amy@paynet.my
--BERNAMA 
