UnionPay International (UPI), a global payment network, will unveil its low-cost and easy implementable e-payment solutions at the Bangkok FinTech Fair 2018, held from 19 - 20 March 2018. Aimed at providing secure, cost effective and convenient payment solutions to empower small and medium-sized enterprises (SMEs) to capture the opportunities in a rapidly digitalising economy, UnionPay will be showcasing a range of mobile and wearable payment technologies that can be easily adopted by SMEs in Thailand.
The e-payment solutions on show include:
Wearable Payments: UnionPay International provides a glimpse into the future of payments using Garmin, Huawei, Swatch and Tic wearable products. Consumers can easily digitise their credit or debit cards to enable hands-free payment with a tap of their wearable devices while leaving their cash and cards at home. Merchants can also streamline their payment operations by doing away with the use of cash, easing payment settlement for them.
Quick Response (QR) Code Payments: QR Code payments offer a quick and easy way to process e-payments. To make QR payments at participating merchants in Thailand, UnionPay Cardholders can simply download a mobile application that supports UnionPay QR Code payments, link their cards to the app, and use the app to scan the merchant-presented QR Code, or generate a dynamic consumer-presented QR Code to be scanned by the merchant.
“As Thailand moves towards realising the vision of a cashless society, UnionPay International is working actively to develop and test more innovative e-payment solutions that are tailored to the needs of the SMEs,” said Mr Vincent Ling, Deputy General Manager, UnionPay International Southeast Asia. “These e-payment solutions are showcased at the Bangkok FinTech Fair 2018, and will pave the way for more payment innovations to come as we look to harnessing technologies like artificial intelligence, big data, biometric authentication and other innovations to enable quicker, safer and more seamless payments for consumers and small businesses alike,” he added.
In May 2017, UnionPay International announced its plan for a standardised QR code in Thailand to support Bank of Thailand’s cashless drive. Following the announcement, UnionPay will launch a QR Code payment pilot at Soi La Lai Sap Market in Silom in the second quarter of 2018. The QR Code pilot will involve hundreds of merchants, enabling small businesses who traditionally accept cash payments to experience a new low-cost electronic payment alternative, to accelerate Thailand’s push towards a cashless society. With the launch of the pilot, consumers will also be able to enjoy quick, convenient and secure payments by scanning the QR Codes on display at the participating merchants’ outlets at Soi La Lai Sap Market.
UnionPay has rolled out QR code payment at selected F&B outlets, hotels and retailers in Singapore, Vietnam and 10 other markets globally.