DigitalCFO Newsroom | 28 December 2021
Consumers will be able to make UnionPay QR Code payments at over 60K merchants nationwide.
Global payment network UnionPay announces partnerships with leading innovative payments acquirers VNPAY and ECPay to deploy UnionPay Quick Response (QR) Code at close to 15K merchants all over Vietnam. These collaborations will significantly enhance the existing 45K merchant network that already accepts UnionPay QR Code for payment. The small, medium and big merchants enabled with UnionPay QR Code payment spans across a wide range of industry verticals ranging from convenient store, electricity service, F&B, healthcare, mini-mart, provision shop, retail, supermarket, telco and more.
UnionPay kickstarted the nationwide deployment of the EMV-compliant QR Code for payments at merchants in Vietnam in 2018 to pave way for its foray into innovative payment products and services. In late 2020, UnionPay collaborated with Military Bank (MB) to issue its first Virtual Debit Card to 600K customers in Vietnam, its largest issuance in the market.
“Today marks a significant milestone for UnionPay International in Vietnam. As the first global payment network to deploy QR Code for payments nationwide, this affirms our commitment to bringing innovative payment solutions to the country to enable greater convenience, security and ease of payment for both consumers and merchants. We have seen how the pandemic have created a marked increase in demand for contactless payments like QR Code for payment, so we are pleased to be able to respond quickly to this changing payment need of our customers in Vietnam,” said Huiming Cai, General Manager, UnionPay International (UPI) Southeast Asia.
To encourage more UnionPay QR Code transactions at merchants, UPI launched a 10% instant discount campaign at VNPAY’s merchants for everyday spend categories, including familiar names like Luôn Tươi Sạch, Medicare, Sói Biển, Sữa Tươi, TH True Mart and more.
“VNPAY is one of the biggest QR Code for payment merchant acquirers in Vietnam. We are pleased that 17 of our top merchants with a network of over 1,200 stores all over Vietnam is participating in UnionPay QR Code promotion. Like UPI, we believe that increased usage at everyday merchants is the best way to drive adoption of innovative payments like QR Code as it is habit forming. We look forward to continue collaborating with UPI to enable UnionPay QR Code at more VNPAY merchants going forward,” said Mrs. Nguyễn Ánh Tuyết – Head of Northern Business of VNPAY.
According to statistics from Vietnam’s Department of Telecommunications, the country had 132.5 million active mobile subscriber accounts at end 2020, even though total population is less than 100 million. So mobile and innovative payments like QR Code for payment are expected to be readily adopted by Vietnamese consumers and businesses across Vietnam, even in the rural, remote and isolated areas.
“In line with the Vietnam Central Bank’s vision for a cashless society, we are pleased to join hands with UPI to make QR Code for payment available at ECPay merchants and outlets nationwide. With our diverse businesses in electricity, provision shops, telephony, transport and more, we can help UPI to foster a richer ecosystem for UnionPay QR Code payment, and help to spur the adoption of e-payment methods, to transform the nation into a cashless one,” said Mr. LEEO (Li Wei), Deputy CEO, ECPay.
UnionPay’s massive QR Code for payment deployment comes at an appropriate time to reduce physical contact, when the Vietnam government has encouraged the 5K standard rules – Khẩu trang – Khử khuẩn – Khoảng cách – Không tập trung – Khai báo y tế – during this pandemic.