UPI cardholders around the world can pay by QR code at nearly 20,000 accepted payment points established by VNPAY in Viet Nam. — Photo mastercard.com
Viet Nam Payment Solution Joint Stock Company (VNPAY) and UnionPay International (UPI) signed a co-operation agreement on Wednesday on payment by QR code.
The signing ceremony marks the official entrance of UPI in the potential mobile payment market in Viet Nam.
UPI will become a strategic partner of VNPAY to bring the payment method via QR code on mobile application of banks to the global market.
At the same time, the linkage will be an important step for VNPAY to participate in the international payment system in future.
Under the agreement, UPI cardholders around the world can pay by QR code at nearly 20,000 accepted payment points established by VNPAY in Viet Nam. This figure is expected to increase to 50,000 by the end of this year.
To avail this facility, cardholders can use the QR code scanner integrated in the mobile applications of banks linked to UPI.
In the past, VNPAY has successfully developed and implemented payment methods using QR Pay code on mobile banking applications.
The payment method allows customers using the mobile application of banks to scan QR codes to make quick payments for goods and services.
Currently, QR Pay has been integrated in mobile applications of most major banks in Viet Nam, including Vietcombank, VietinBank, Agribank, ABBANK, SCB, NCB, IVB, MartimeBank, SHB and VIB, with more than eight million users. — VNS