Shanghai, China – As the company strives to broaden their QR reach, UnionPay International has announced the recent addition of Lao’s LAPNet and Malaysia’s PayNet to their QR code payment network, making it possible for faster operational transactions and improved international acceptance network.
In this strategic collaboration, the aforementioned partners highlight Laos LAPNet’s commitment to “glocalized” innovation, which encompasses their leveraged expertise in bank card payments and enhanced cross-border mobile payment experiences for residents of both countries.
At the same time, they also bring together the alignment of LaoQR with UnionPay QR code standards through UPI’s “network interconnection and interoperability” model, ensuring the future acceptance of UnionPay mobile payment products by local QR code merchants.
Among its key feature also include how local QR code merchants can now accept UnionPay mobile payments as well as use mobile banking apps and e-wallets supported by the aforementioned partners.These transactions adhere to UnionPay QR code network standards, encompassing various sectors such as retail, catering, campus, transportation, and medical care, among other scenarios.
Talking about this venture, Cai Jianbo, president at China UnionPay and chairman at UnionPay International, said, “Expanding our payment scope is an integral part of implementing UnionPay’s concept of shared growth, which means that in addition to mutual benefit with our partners, we are also committed to giving back to society.”
“In the past ten years, UnionPay International has accelerated its business while improving its international acceptance network and localised business. By promoting increased financial integration capabilities, we are providing more convenient and reliable services for people in numerous places to integrate and interoperate across various regions and countries,” added Jianbo.
“Moving forward, UnionPay International will continue to accelerate the pace of business implementation and improve payment service capabilities for a wider range of residents,” he concluded.
Presently, UnionPay International has issued 200 million UnionPay cards outside the Chinese mainland. In Kenya, for example, locals use UnionPay cards as student, citizen, and salary cards that integrate seamlessly into everyday local life.
