170 int'l wallets accepted by UnionPay, China
Hong Kong and Macau residents can now use UnionPay App, Octopus card, and BoC Pay.
UnionPay International (UPI) said that 170 international payment wallets are now accepted by merchants that also accept UnionPay in China.
This development provides a seamless and borderless payment experience for global cardholders in China, enhancing the payment experience for travellers.
Residents of Hong Kong and Macau can now use familiar options like the UnionPay App, Octopus card, and BoC Pay.
Other international wallets, such as Malaysia's GoPayz, Thailand's K PLUS, and South Korea's NaverPay, allow travellers to scan UnionPay QR codes for payments.
Throughout the year, Southeast Asian payment networks like Malaysia's PayNet, Vietnam's NAPAS, and Cambodia's Bakong have all reached agreements with UnionPay.
This initiative is part of UPI's "network interconnection and interoperability" cooperation model, aimed at promoting interconnection between payment networks in China and internationally.
Chinese payment financial institutions, represented by UnionPay, have been actively working to create a smooth and interconnected global payment network.
UPI collaborates with international banks and payment companies to support wallets in binding UnionPay cards or issuing UnionPay virtual cards within the app.
Currently, 170 wallet products have been launched in 35 countries and regions, with the number expected to exceed 200 by the end of the year.
UPI also collaborates on transit network technology standards, QR code standards, and chip card standards with central banks, national transit networks, and payment alliances worldwide.