UnionPay International has partnered with Malaysia-based Payments Network Malaysia ( PayNet ) to enable cross-border QR code linkage. As outlined in the official release, the two companies have recently signed an agreement to facilitate cross-border QR code linkage and enable the full acceptance of the UnionPay App (Chinese-mainland, Hong Kong, and Macao versions) and Chinese-mainland bank apps connected to the UnionPay App network payment platform at the QR merchants in Malaysia.

Via this joint venture, the two parties further aim to promote the use of UnionPay-powered wallets at QR merchants across the country. Similarly, they seek to enable payments via the wallets Malaysian customers use at global UnionPay QR merchants. Prior to this collaboration, UnionPay International achieved interoperability by similarly cooperating with local QR code networks in Korea, Sri Lanka, Cambodia, and Vietnam.

More details about what the partnership entails PayNet is reportedly the designated operator of DuitNow QR, Malaysia's national QR code standard, and works with over one million QR merchants in the country. The newly announced partnership will make it possible for these merchants to extend their services to UnionPay cardholders without any adaptation of the systems or the QR code. As for their part, customers will have the option to make QR payments via the UnionPay App (Chinese-mainland, Hong Kong, and Macao versions) or Chinese-mainland bank apps, provided they are connected to the UnionPay App network payment platform.

According to the press release, this is the first step towards enabling newly enrolled QR merchants in Malaysia to support UnionPay-powered wallets by default. When offering their input on the announcement and the larger context that made it possible, a representative from UnionPay explained that, in recent years, the central banks of numerous Southeast Asian nations have been in the process of developing their own payment systems while also encouraging the establishment of interconnected QR code payment networks. They further added that this collaborative effort signifies the initial adoption of UnionPay's cross-border QR payment interoperability framework within the ASEAN region.

The partnership with PayNet reportedly holds substantial importance for both parties. Firstly, individuals from China who travel to Malaysia will have the option of using the UnionPay QR payment solutions that they are already acquainted with, thereby enhancing their overall spending experience. Similarly, in the future, residents of Malaysia might have the choice of paying using the PayNet wallet at UnionPay QR-accepting merchants around the world.

When it comes to their reach, UnionPay cards are currently accepted in over 180 countries and regions outside of China, with more than 63.5 million merchants accepting payments online and in-store. Over 16 million of these merchants also support UnionPay's QR code or QuickPass payment. Currently, UnionPay International has expanded to over 30 countries and regions, promoting more than 170 wallets.

By the end of this year, it is expected that there will be 200 overseas wallets supporting UnionPay mobile payment services, with the potential number of users exceeding 600 million. .