UnionPay International announced today that it has signed an agreement with the largest QR code payment acquirer in Vietnam, Vietnam Payment Solutions Co., Ltd. (VNPAY). By the end of October this year, VNPAY will enable over 30,000 local merchants to accept UnionPay QR code payment. Chen Zhi, Vice Chairman of China UnionPay, and Trần Trí Mạnh, Chairman of VNPAY, attended the signing ceremony.

At present, Vietnam is accelerating its efforts to build a cashless society and plans to reduce its cash payment ratio to less than 10% by 2020. In this context, UnionPay International is expediting the construction of the acceptance network of its QR code payment in Vietnam to help the local SMEs to accept digital payment. Previously, about 1,000 merchants of Sacombank have already accepted UnionPay QR codes payment. These merchants include supermarkets, restaurants, coffee shops, clothing stores and other types of businesses. Recently, Sacombank has also added the UnionPay mobile payment function to its mobile app. Local residents in Vietnam can bind the UnionPay cards issued by Sacombank to the app to enjoy QR code payment service at merchants that accept EMV® QR code payments in and outside Vietnam.

Now, UnionPay International partners with VNPAY, whom will enable all of its QR code-accepting merchants to accept UnionPay QR code payment. At the same time, the two parties will jointly expand QR code payment acceptance at online merchants, so that UnionPay cardholders will be able to purchase airline tickets and movie tickets online through UnionPay QR code payment.

Chen Zhi said, leveraging on its advantages in network, products and technologies, UnionPay is willing to assist Vietnam to enhance its electronic payment level and to realize smooth cross-border payment between China and Vietnam through local card issuance and the rollout of mobile payment services. In the future, we hope to carry out more flexible and diversified forms of collaboration with local institutions such as VNPAY on the UnionPay e-wallet products to promote the localization of UnionPay’s mobile payment services in Vietnam.

Trần Trí Mạnh said, we are glad to cooperate with UnionPay to jointly develop and promote safe and convenient QR code payment methods. This move will help reduce the cost of payments in Vietnam, change the cash-based payment habits of local residents, bring more business opportunities to local businesses, and promote the comprehensive development of the electronic payment industry in Vietnam.

So far, almost all ATMs and over 90% of merchants in Vietnam accept UnionPay cards, and major airlines such as Vietnam Airlines and VietJet Air have already accepted UnionPay cards for online purchase too. A number of local major institutions such as Vietcombank and Sacombank have issued a variety of UnionPay card products including credit cards, debit cards, and prepaid cards.

Note: EMV® is a registered trademark in the U.S. and other countries and an unregistered trademark elsewhere. The EMV Trademark is owned by EMVCo, LLC.