TPBank and UnionPay to expand card and QR Code payment in Viet Nam

Monday, Jul 15, 2019 16:28

Representatives of TPBank and UnionPay sign the co-operation agreement. — VNS Photo Vu Hoa

Tien Phong Commercial Joint Stock Bank (TPBank) and the international payment brand UnionPay (UPI) on Monday officially signed a co-operation agreement on payment collaboration between TPBank and UPI in Viet Nam.

The signing ceremony marks the official collaboration between TPBank and UnionPay, creating the best conditions for millions of UnionPay customers to expand their payments by card and QR Code in Viet Nam and through TPBank’s acquiring points from July 2019.

According to the report of Viet Nam General Statistics Office and the National Administration of Tourism, in the first quarter of 2019, there were more than 3.2 million Chinese and South Korean visitors coming to Viet Nam, of which many used UnionPay cards with purchase volume exceeding trillions of Vietnamese dong.

The co-operation between TPBank and UnionPay will help travellers easily process payments in Viet Nam as well as help Vietnamese retailers expand their sales capabilities to increase revenue and profits. Currently, TPBank has developed over 30,000 QR code acceptance points, hundreds of thousands of mPOS terminals, which will help UnionPay cardholders easily process payments using UnionPay cards and QR codes at thousands of stores in Viet Nam as well as easily withdraw cash from TPBank’s ATM, LiveBank.

Speaking at the event, TPBank’s CEO Nguyen Hung said the partnership between TPBank and UnionPay marks an important step for both firms to expand payment networks in the international market, contributing to the growing trend of cashless payments in Viet Nam.

UPI has been actively deploying contactless terminals and QR Code for payment, as well as developing other innovative payment solutions with other partners in Viet Nam, in line with the State Bank of Viet Nam’s vision to become cashless by 2020.

“We believe that innovative payment solutions will better meet the fast changing payment needs of the Vietnamese people, and to better serve the nation’s fast growing and vibrant economy,” said Larry Wang, Vice President of UnionPay International.

UnionPay is one of the fastest-growing payment networks in the world, with over 7.5 billion UnionPay cards issued in 52 countries and regions, over 55 million merchants and 2.9 million ATMs accepting our cards in 174 countries and regions. — VNS

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