UnionPay International (UPI) has partnered with Payments Network Malaysia Sdn Bhd (PayNet) to enable cross-border UnionPay QR payments in Malaysia. Starting in September 2023, Chinese tourists with UnionPay QR can make payments at DuitNow QR acceptance points across Malaysia. This collaboration enhances the payment experience for Chinese tourists and expands the acceptance of DuitNow QR in the global market.
KUALA LUMPUR, 21 June 2023 – UnionPay International (UPI) and Payments Network Malaysia Sdn Bhd (PayNet) have announced a partnership to enable cross-border UnionPay QR payments in Malaysia. Through this collaboration, UnionPay QR users from China will be able to make payments at DuitNow QR acceptance points across Malaysia starting from September 2023. The reciprocal enablement of DuitNow QR at UnionPay QR acceptance points in China and other countries where UnionPay QR is present will follow at a later date.
With over 40 million merchants in 47 markets globally, UnionPay is one of the leading payment networks. This partnership will allow UnionPay cardholders to conveniently use their UnionPay-enabled wallets to scan DuitNow QR codes and make payments in Malaysia. Malaysia has seen a high adoption rate of cashless payments in Southeast Asia and is expected to have 25 million mobile wallet users by 2026. The partnership aims to enhance the payment experience for Chinese tourists visiting Malaysia, with over 1.7 million acceptance points available nationwide.
Cai Jianbo, President of UnionPay China and Chairman of UPI, emphasized the significance of this collaboration as cross-border travel gradually resumes. Chinese consumers visiting Malaysia will be able to use their familiar UnionPay mobile payment products for a seamless spending experience, in addition to UnionPay card transactions at ATMs and POS terminals. He also highlighted the future potential for Malaysian residents to use DuitNow QR-enabled wallets at UnionPay QR code merchants worldwide, laying a foundation for cross-border QR code payments within the ASEAN region.
Farhan Ahmad, CEO of PayNet Group, expressed pride in being the first country in ASEAN to collaborate with UnionPay on cross-border QR payments. This partnership expands on existing cross-border partnerships with Thailand, Indonesia, and Singapore, allowing DuitNow QR payments to be accessible in markets where UnionPay is present. Ahmad highlighted the opportunities it creates for DuitNow QR merchants in Malaysia to better serve the estimated five million tourists from China.
The collaboration between UPI and PayNet sets the stage for further transformation and development of the payment industry, driving cross-border QR code payment interoperability in the ASEAN region. – source: The Sun Daily