UnionPay International, VNPAY cooperate in QR code payment
UnionPay International (UPI), a subsidiary of China UnionPay, said on June 21 that it has signed a cooperation agreement on payment by QR code with Vietnam Payment Solution Joint Stock Company (VNPAY) - the biggest QR code payment firm in Vietnam.
Beijing (VNA) - UnionPay International (UPI), a subsidiary of ChinaUnionPay, said on June 21 that it has signed a cooperation agreement on paymentby QR code with Vietnam Payment Solution Joint Stock Company (VNPAY) - thebiggest QR code payment firm in Vietnam.
Under the agreement,UnionPay International will enable 30,000 Vietnamese merchants to acceptUnionPay QR code payment before November 2018.
The collaboration will alsoenable UnionPay cardholders to pay for airline tickets and movie tickets onlineusing UnionPay QR code payment.
InFebruary this year, UnionPay also inked an agreement with Sacombank thatenabled hundreds of merchants in Vietnam to accept UnionPay QR code payment.
To date, nearly allATMs and more than 90 percent of merchants in Vietnam accept UnionPay cards.Major airlines including Vietnam Airlines and VietJet Air have already acceptedUnionPay cards for online ticket booking.
Inthe past, VNPAY has successfully developed and implemented payment methodsusing QR Pay code on mobile banking applications.
Thepayment method allows customers using the mobile application of banks to scanQR codes to make quick payments for goods and services.
Currently,QR Pay has been integrated in mobile applications of most major banks inVietnam, including Vietcombank, VietinBank, Agribank, ABBANK, SCB, NCB, IVB,MartimeBank, SHB and VIB, with more than 8 million users.
Witha link network of 1,700 organisations worldwide, UnionPay International allowedthe acceptance of UnionPaycards in 168 countries and territories.
According to UnionPay International, Vietnam is looking forward toa cashless society. The rate of cash payment will drop to less than 10 percentby 2020.-VNA
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Illustrative image (Source: mastercard.com) 
