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July 10, 2020

Bank of China introduces UnionPay QR payment service in Malaysia

State-owned commercial lender Bank of China has introduced UnionPay QR Code payment service in Malaysia.

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The move will enable the users to make cross-border payments.

According to Xinhua, Bank of China Malaysia’s customers can make payment using the QR code on the app within China, Malaysia, Singapore, South Korea, Britain, the US and Canada.

The UnionPay QR Code payment service supports payments made in Malaysian and Chinese currency.

Bank of China Malaysia Personal Digital Banking general manager Koh Tak Ming was quoted by the news agency as saying that the new service will help solve longstanding problem of accessing to local mobile payment platform faced by local customers when they travel overseas.

The report added that Bank of China leverages Malaysian market in the ASEAN region to pilot new services due to favourable business environment.

UnionPay QR Code payment is one of the widely accepted contactless payment choices globally. The use of contactless payments are also on the rise amid Covid-19 pandemic.

In April, UnionPay International released a new Content and Service Platform to develop ‘Pay+’ digital ecosystem. The move was undertaken to support its partners amid the pandemic.

Globally, the disease has infected more than 12 million people. The death toll also soared to 555,000.

Malaysia has confirmed around 8,600 cases and 121 deaths in the country due to the coronavirus.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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