UnionPay Partners with Local PFs to Brings QR Codes to Malaysia
China-based payments network UnionPay announced last week that it is rolling out acceptance of its EMV-compliant QR code payments solution across Malaysia.
To help facilitate the rollout, UnionPay is working with acquiring partners as well as financial institutions and other non-financial institution partners, it said in a press release.
UnionPay said that its acquiring partners include iPay88 and Revenue Group Berhad (RGB), both of which operate as payment facilitators. RGB offers payments acceptance through its revPAY platform.
As PaymentFacilitator has previously reported, QR codes are gaining traction in emerging payments markets as a cost-effective way for small and micro-merchants to accept electronic transactions. Payment facilitators have a significant role to play, helping merchants to sign up and deploy the codes.
Along with Visa and Mastercard, UnionPay has actively sought to expand QR code acceptance in the regions it serves, fostering the development and deployment of standardized codes.
“UnionPay’s deployment of QR code for mobile payments in Malaysia is a significant step towards going cashless in Malaysia. At iPay88, we are proud to partner with a global payment network like UnionPay and are happy to offer services that help to realise Malaysia’s vision of a cashless society,” Lim Kok Hing, co-founder and executive director of iPay88, said in the release.
“We are grateful to be selected as one of the partners by UnionPay – a global payment network – to deploy the EMV-compliant QR code for payments in Malaysia. This partnership marks another significant milestone for RGB as we work towards strengthening our Electronic Transaction Processing business segment,” Eddie Ng, group managing director and chief executive officer, RGB, said.
UnionPay’s deployment of QR codes will enable consumers with mobile apps that support the use of QR codes to complete payment transactions at participating merchants including retail, food and beverage, attractions, entertainment, hotels and transportation.
The more widespread QR code acceptance will also support the needs of Chinese tourists visiting Malaysia, the company said.
UnionPay began the rollout last week and will continue making it available across the country throughout 2018.