UnionPay and NAPAS Sign MOU in Hanoi for QR Code Interoperability
- UnionPay International and NAPAS signed an MOU in Hanoi to enhance cross-border QR code interoperability.
- The collaboration will enable users to make payments using UnionPay and Vietnamese local bank applications on each other's networks.
- This partnership is expected to improve payment experiences for travelers and support the transformation of Vietnam's payment industry.
On October 13, 2024, a significant partnership was established in Hanoi between UnionPay International and the National Payment Corporation of Vietnam. This Memorandum of Understanding aims to enhance cross-border QR code interoperability, allowing users from both China and Vietnam to utilize their respective payment applications seamlessly. The collaboration is part of a broader initiative to improve payment systems in the region, following a previous agreement between the central banks of China and Vietnam. UnionPay's efforts to expand its network have already seen success in several ASEAN countries, and this partnership is expected to further facilitate payments for Vietnamese travelers in China. Additionally, it will support local banking apps and e-wallets in Vietnam, promoting their use beyond domestic transactions. The agreement exemplifies the growing trend of payment network collaboration in Southeast Asia, enhancing the overall payment landscape and fostering economic ties between China and its neighboring countries.