UnionPay enables QR code payments in Vietnam through partnerships with VNPAY and ECPay, allowing for seamless contactless transactions.
UnionPay International (UPI) recently announced a partnership with Vietnamese payment acquirers VNPAY and ECPay. This joint effort will enable UnionPay QR code payments at over 15,000 merchants across the country, allowing for accessible and effortless contactless transactions.
“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 of UnionPay International (UPI) Southeast Asia.
This will add to Vietnam’s thriving digital payment ecosystem of 45,000 pre-existing merchants that already accept UnionPay QR code payments, coming from a wide range of industries, including convenience stores, electricity providers, F&B, healthcare, retailers, supermarkets, telecoms, 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 at VNPAY.
UnionPay first entered Vietnam’s QR code payment market in 2018, leading the way for other innovative products and services. In 2020, UPI issued its first Virtual Debit Card to 600 thousand Vietnamese consumers in collaboration with Military Bank (MB).
“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 of ECPay.
According to the Department of Telecommunications in Vietnam, the nation had 132.5 million active mobile subscriber accounts by the end of 2020- despite the country’s total population of less than 100 million. This marks the prevalence of mobile and innovative payment solutions like UnionPay QR Code transactions in Vietnam’s digital economy.