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December 29, 2021

UnionPay taps VNPAY and ECPay to expand merchant network in Vietnam

Chinese payment services provider UnionPay has teamed up with payments acquirers VNPAY and ECPay to enhance its merchant payment network in Vietnam.

The tie-up is aimed at deploying UnionPay Quick Response (QR) Code at nearly 15,000 merchants all over Vietnam.

Consumers will be able to make UnionPay QR Code payments at over 60,000 merchants nationwide, UnionPay noted.

UnionPay stated that merchants operating across industry verticals such as convenient store, electricity services, F&B, healthcare, mini-mart, retail, supermarket and telecommunication among others use UnionPay QR Code for payment.

In 2018, the Chinese firm began deploying EMV-compliant QR codes for payments at merchants in Vietnam.

Last year, UnionPay joined forces with Military Bank (MB) to issue its first virtual debit card to 600,000 customers in Vietnam.

UnionPay International (UPI) Southeast Asia general manager Huiming Cai said: “We have seen how the pandemic has 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.”

VNPAY head of northern business Nguyen Anh Tuyet said: “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 continuing collaborating with UPI to enable UnionPay QR Code at more VNPAY merchants going forward.”

UnionPay expects quick adoption of digital payment methods in Vietnam as the government data shows that the country had 132.5 million active mobile users at the end of 2020.

ECPay deputy CEO Li Wei said: “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.”

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