UnionPay kickstarts deployment of QR Code for payments in Malaysia
By Digital News Asia April 19, 2018
- Lowers the barrier of entry for adopting digital payment methods
- Will work collectively with local acquiring partner iPay88, Revenue Group Bhd
UNIONPAY International, a global payment network, has kickstarted the nationwide deployment of the EMV-compliant QR Code for payments in Malaysia. As the first large-scale deployment of QR Code for payments locally, UnionPay QR Code for payments will be progressively rolled out starting today, with the aim of enabling QR Code payment acceptance points across the nation by the end of 2018.
With this deployment, UnionPay cardholders with mobile apps that support QR Code for payments will be able to complete their payment transactions at participating merchants with a simple scan of a QR Code.
Not only do QR Code for payments deliver added convenience and simplify the payment process for consumers and merchants, it also lowers the barrier of entry for adopting digital payment methods by offering a secure, easy-to-deploy and low-cost e-payment alternative to small-and-medium-sized enterprises.
This is in line with Bank Negara's recent initiative to make QR Code for payments more mainstream in Malaysia. The Malaysian central bank had said that the payment infrastructure in Malaysia needs to be established to ensure a smooth transition from cash-based to cashless-mobile payments.
"Today's announcement marks a significant milestone for UnionPay International in Malaysia. As the first global payment network to deploy QR Code for payments nationwide, this affirms our commitment to bringing innovative payment solutions to the country to enable greater convenience, security and ease of payment for both consumers and merchants.
“As a simple and easy-to-use e-payment solution for consumers and merchants, we believe that UnionPay QR Code will be key in enabling the shift to digital payments for consumers and businesses due to the ease of deployment at a relatively low cost and minimal infrastructure configuration required. And as the society quickens the shift towards electronic payments, QR Code for payments will play a major role in catalysing this shift, spurring the adoption of e-payment methods to help realise the Bank Negara's vision of a cashless society," said UnionPay International Southeast Asia general manager Wenhui Yang.
Working collectively with local acquiring partner iPay88, Revenue Group Bhd and other financial and non-financial institutions in 2018 – the national deployment of UnionPay QR Code for payments will cover a wide range of merchants across retail, food & beverage, attractions, entertainment, hotels, transport categories and more.
"UnionPay's deployment of QR Code for mobile payments in Malaysia is a significant step towards creating 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," said iPay88 co-founder & executive director Lim Kok Hing.
"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," said RGB group managing director and chief executive officer Eddie Ng.
The deployment of QR Code for payments will also support the growing QR Code payments needs of Chinese tourists in Malaysia, as well as payments made through UnionPay's unified "UnionPay" app, which is used widely by tourists from China.
Later this year, UnionPay International will also be rolling out new virtual and physical card products in collaboration with local partners and banks, to enable more consumers to enjoy the ease and convenience of QR Code for payments. With these plans in place, this will help to further accelerate the drive towards more innovative payments across Malaysia.