UnionPay International offers borderless payments to global cardholders

China-based UnionPay International (UPI) has expanded its international business to improve the payment experience of travellers

China-based UnionPay International (UPI) has expanded its international business to improve the payment experience of travellers. Specifically, UnionPay International (UPI) has unveiled an expansion in its cross-border payment services, allowing 170 international wallets to be directly utilised at Chinese merchants accepting UnionPay.

This development aims to provide a seamless payment experience for global cardholders visiting mainland China. Following this development, residents of Hong Kong and Macao Special Administrative Regions (SAR) can now access familiar options such as the UnionPay App, Octopus card, and BoC Pay. Additionally, international wallets, including Malaysia's GoPayz, Thailand's K PLUS, and South Korea's NaverPay, enable travellers to scan UnionPay QR codes for transactions.

Throughout the year, various Southeast Asian payment networks, such as Malaysia's PayNet, Vietnam's NAPAS, and Cambodia's Bakong, have established partnerships with UnionPay. According to the official press release, the 'network interconnection and interoperability' cooperation model reflects UPI's ongoing commitment to innovation. It actively fosters connectivity between domestic and international payment networks in China while supporting the harmonious development of domestic and international payment products.

In essence, this development aims to benefit international travellers in China. What are the primary advantages? Some of the main advantages of this new innovation include a seamless connection, no additional costs, improved privacy protection, customer risk identification for secure cross-border transactions, and a wide range of applicable scenarios. Such scenarios encompass the fundamental needs of inbound tourists, including dining, shopping, transportation, and entertainment, making the UnionPay card increasingly convenient for travellers seeking rides, shopping experiences, and tax refunds.

In line with the global payment industry's rapid digital transformation, Chinese payment financial institutions, led by UnionPay, are actively creating an interconnected global payment network. UPI collaborates with international banks and payment companies to facilitate wallet binding with UnionPay cards or the issuance of UnionPay virtual cards within these applications. According to the press release, at the time of writing, 170 wallet products have been launched in 35 countries and regions, with an expected increase to over 200 by year-end.

UPI also engages in partnerships related to transit network technology standards, QR code standards, and chip card standards with central banks, national transit networks, and payment alliances around the world. .

Sep 18, 2023 13:58
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