UnionPay rolls out mobile payment services in South Asia

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Nov 18, 2018, 01:22 ET

COLOMBO, Sri Lanka, Nov. 18, 2018 /PRNewswire/ -- Sri Lanka has become a new market where UnionPay is rolling out its mobile payment service. After the launch of UnionPay QuickPass service in the country this August, UnionPay QR code payment service will be accepted soon. Today, UnionPay International (UPI) announced its collaboration with Cargills Group, the largest Retail & FMCG group in Sri Lanka: the two parties have agreed to roll out UnionPay QR code payment service across the country commencing in the first half of next year, through the Cargills ecosystem, including supermarkets, restaurants and cinemas, and equip Cargills' e-wallet with UnionPay QR code payment function through the digital issuance of UnionPay cards, bringing UnionPay QR code payment service to local customers.

In line with global changes in consumers' payment habits, UnionPay has developed a portfolio of mobile payment products including the "UnionPay" mobile application, QR code payment service, NFC mobile payment, and In-app payment. UPI is accelerating the roll out of these mobile payment services outside mainland China, expanding the acceptance of these services to 42 countries and regions—driving up the volume of cross-border transactions made through the "UnionPay" app grew by 150%. To date, UnionPay mobile QuickPass service is accepted at 2 million POS terminals across over 30 countries and regions outside mainland China, and UnionPay QR code payment is accepted at about 60,000 merchants in 23 countries and regions outside the Chinese Mainland.

Cai Jianbo said that this cooperation is significant in that UPI is rolling out its mobile payment products through cross-over cooperation with large retail groups. In order to promote the mobile transformation of UnionPay's business, UPI continues to enrich the acceptance scenarios of its mobile payment products, and have expanded the acceptance scope of the "UnionPay" app to transportation, hospitals, schools, cultural and entertainment establishments as well as restaurants. In addition, UnionPay is accelerating the process of business localization by launching innovative products overseas. Carrying out digital card issuance collaboration based on e-wallet products with overseas institutions, UnionPay is providing its safe and sufficient local and cross-border mobile payment service for more customers outside China. In this way, UnionPay continues to enhance its service capability outside mainland China while supporting payment upgrade of overseas markets.

China is the largest trading partner and the second largest tourist source of Sri Lanka. To date, UnionPay is accepted at the majority of merchants and ATM terminals in tourist-oriented cities like Colombo, Kandy, Galle and Matale, and about 2,000 merchants such as restaurants, department stores, supermarkets support UnionPay mobile QuickPass too. The partnership between UPI and Cargills Group will realize the acceptance of UnionPay QR code payment at local retailers and daily consumption merchants, and will provide mobile payment offers for local customers to further enhance their payment experience.

SOURCE UnionPay International