- As the first large-scale deployment of QR Code for payments locally, UnionPay will progressively roll out QR Code acceptance points nationwide by 2018
KUALA LUMPUR, Malaysia, April 18, 2018 /PRNewswire/ -- 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 does 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 Mr. Wenhui Yang, General Manager, UnionPay International Southeast Asia.
Working collectively with local acquiring partner iPay88, Revenue Group Berhad 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 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 Mr Lim Kok Hing, Co-founder & Executive Director of iPay88.
"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 Mr. Eddie Ng, Group Managing Director and Chief Executive Officer, RGB.
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.
About UnionPay International
UnionPay International focuses on the international business of UnionPay, a global payment network that serves the world's largest Cardholder base. With over 7 billion UnionPay cards issued in 48 countries and regions, over 51 million merchants and 2.57 million ATMs accepting our cards in 168 countries and regions worldwide, UnionPay is currently one of the fastest-growing payment networks in the world.
UnionPay is committed to providing access to value and secure payment solutions that are tailored to the needs of the local market, to enable choice and ease of payment.
In Southeast Asia, UPI has enabled ATM, POS acceptance and card issuance across all 10 countries.
In Malaysia, UnionPay International partners with Bank of China, Industrial and Commercial Bank of China and Public Bank Berhad to issue a wide range of payment products and solutions. For more information, visit www.unionpayintl.com.
Set up in 2006 and headquartered in Kuala Lumpur, iPay88, an NTT Data company, is an ASEAN leader in providing online payment services and payment solutions for merchants with multiple financial institutions as business partners in Malaysia. It has established a strong position with a dominant market share as well as established e-commerce merchants already operating in Malaysia – including a diversity of established enterprises, multinationals, service providers and financial institutions.
iPay88 has since catapulted into an online payment gateway solutions market leader locally, and has established its presence regionally in countries in Southeast Asia including Philippines, Indonesia, Thailand, Singapore, Vietnam, Cambodia and Bangladesh.
About Revenue Group Berhad (RGB)
RGB is a cashless payment solutions provider with 15 years of operating history in the electronic payments industry in Malaysia.
Established in 2003, RGB offers a single platform that provides multi-channel payment solutions to different customers including financial institutions, non-bank institutions, physical store merchants, online store merchants and e-payment money schemes.
Through its revPAY platform, RGB offers a single platform which facilitates the acceptance of multiple payment methods, thereby providing cost effective solutions to its customers.
RGB's products and services can be divided into three segments, namely deployment of electronic data capture terminals, electronic transaction processing and solutions and services related to payments infrastructure.