2023-07-10 18:28:34
SHANGHAI, April 20 /PRNewswire/ — Cambodian visitors to China can make UnionPay QR payments using e-wallets from their home country
UnionPay International (UPI) and the National Bank of Cambodia signed a memorandum of understanding today in Phnom Penh, the capital of Cambodia. Both parties agree to promote QR code interoperability to better support residents of both countries in cross-border mobile payments. Thanks to this cooperation, Cambodian residents can make payments with e-wallets from their home country on UnionPay’s global QR network, which includes China, thereby satisfying their need to make mobile payments during their trips to China or elsewhere. Payment information from UnionPay will be integrated into the Cambodian QR, allowing domestic QR merchants to also accept payments from the UnionPay app and mainland China banking apps connected to the UnionPay App Network Payment Platform platform.
With acceptance by more than 90% of Cambodia’s merchants and hundreds of thousands of cards issued by local major banks such as ABA, ACLEDA and Canadaia, UnionPay has become a preferred payment tool by the country’s residents. In the MoU agreed today, UPI and the Central Bank of Cambodia agree to integrate UnionPay mobile payment services into the e-wallets of Bakong, Cambodia’s national mobile payment system. Going forward, Cambodian residents can easily use Bakong member payment apps for easy payments in Cambodia, China and cross-border purchases.
The two parties further agree to jointly promote the integration of UnionPay payment information into Cambodia’s national QR system, known as KHGR, to increase the acceptance of UnionPay-enabled wallets at KHQR merchants. Developed with support from the National Bank of Cambodia, KHQR has achieved unqualified acceptance across the country. Enabling UnionPay QR will greatly enhance the mobile payment experience of UnionPay cardholders visiting Cambodia.
In recent years, UPI has stepped up its enterprise localization and digitization efforts to provide quality payment services to more customers outside of mainland China. So far, more than 200 million UnionPay cards have been issued in 78 countries and regions outside of mainland China, and these cards can be used at almost all POS terminals and ATMs in mainland China. In line with the changes in consumer payment habits, more than 170 UnionPay-standard e-wallets have been launched in more than 30 overseas countries and regions. International cardholders can make QR or NFC payments in mainland China directly from tools they are familiar with, without the need for a new bank account or app.
With the gradual recovery of cross-border traffic, UPI has also extensively cooperated with QR code networks in South Korea, Sri Lanka, Vietnam, Malaysia and more countries, strengthening mutual acceptance through innovative solutions such as network connection and payment integration. This cooperation enables Chinese tourists in these countries to make payments with UnionPay wallets at QR merchants. At the same time, it enables rapid acceptance of international e-wallets at global UnionPay QR merchants, greatly improving the payment experience for visitors in China and the rest of the world.
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