UnionPay Teams Up With Vietnam Partner to Boost Cross-Border QR Payments

By Zhang Yuzhe, Denise Jia and Zhang Yukun

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UnionPay’s footprint in Vietnam spans 18 years, with more than 90% of ATMs and 80% of merchants now accepting its cards.

China’s UnionPay International Co. Ltd. and National Payment Corp. of Vietnam (NAPAS) have signed a memorandum of understanding (MOU) to deepen collaboration on cross-border payments, aiming to allow digital wallet holders from one country to pay through QR codes in the other.

The partnership builds on an MOU signed by the two countries’ central banks in August to work together in areas including cross-border payment interoperability, according to a press release from UnionPay International, a subsidiary of payment and clearing giant China UnionPay Co. Ltd. responsible for its international business. The agreement could become a template for China’s payment providers as they expand their networks overseas and work to make cross-border payment easier.

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UnionPay and NAPAS have formed a partnership to facilitate cross-border payments via QR codes between China and Vietnam, enhancing convenience for tourists and businesses.
The collaboration implements a previous memorandum from their central banks and aligns with regulatory frameworks for improved oversight.
UnionPay's QR code strategy is expanding globally, with interoperability in various ASEAN countries and the Vietnamese VietQR wallet now integrated into UnionPay's network across 46 countries.

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