Malaysia Welcomes UnionPay QR Payment System
A New Era of Digital Payments
In a significant move to cater to the growing demand for e-wallets and contactless payments, Bank Simpanan Nasional (BSN) has partnered with UnionPay International (UPI) to introduce the UnionPay QR payment system in Malaysia. This strategic alliance marks a major milestone in BSN’s digital transformation journey, enabling customers to make seamless domestic and international payments.
BSN Strengthens Its Payment Portfolio
As part of this partnership, BSN will become a member of UnionPay, adding to its existing portfolio of payment system operators, which includes Visa, Mastercard, and MyDebit. With over six million debit cards under its management, BSN is poised to leverage UnionPay’s extensive network to provide customers with a modern payment solution that meets the needs of digitally savvy and travel-oriented young consumers.
Empowering Micro-Businesses and SMEs
The introduction of QR payment is expected to amplify BSN’s commitment to supporting micro-businesses and SMEs in adopting cashless payment solutions. By facilitating QR Pay acceptance, BSN aims to provide a convenient and secure payment solution that benefits both merchants and consumers.
A Seamless Payment Experience
The collaboration between UPI and BSN is expected to empower customers to make seamless domestic and international payments, leveraging UnionPay’s vast network, which includes China and other participating countries. This virtual QR Pay solution offers consumers greater convenience, security, and control over their spending, enhancing their financial experiences, especially during cross-border travel.
A Strategic Collaboration
UnionPay International (Southeast Asia) regional head Dr Jian Jiangtao expressed excitement about the strategic collaboration with BSN, a leading Development Financial Institution in Malaysia. This partnership allows UnionPay to expand its digital payment solutions while contributing to the growth of Malaysia’s digital payment ecosystem.
A Growing Trend in Digital Payments
Last month, UnionPay entered an alliance with Weixin Pay, enabling users of international UnionPay-powered wallets to scan Weixin Pay payment codes in China’s mainland. This growing trend in digital payments is expected to revolutionize the way consumers make transactions, providing a convenient, secure, and modern payment solution that meets the evolving needs of the market.
Leave a Reply