(MENAFN- GlobeNewsWire - Nasdaq) SHANGHAI, Dec. 25, 2024 (GLOBE NEWSWIRE) -- On December 19, UnionPay International (UPI) and the Lao National Payment Network (LAPNet) launched the QR payment interoperability collaboration in Shanghai. Mr. Dong Junfeng, Chairman of UPI, and Mr. Manolith Soumphonphacdy, Chairman of LAPNet, attended the ceremony. From now on, users of the UnionPay App, Chinese e-wallets integrated with the UnionPay MobileWallet Connect Service, and international UnionPay partner wallets can scan the Lao QR code to make payments to local merchants. Mr. Larry Wang, CEO of UPI, and Mr. Sisamone Srithirath, CEO of LAPNet, signed the collaboration agreement on behalf of the two organizations.
Mr. Dong said that in recent years, central banks in Southeast Asia have been accelerating the development of local QR payment networks and driving bilateral and multilateral cross-border QR payment linkages. In line with this trend, UnionPay has been actively promoting payment connectivity between China and Southeast Asia. This new project with LAPNet marks the latest milestone in UnionPay's efforts to pursue cross-border interoperability and will significantly improve the mobile payment experience for users of the UnionPay-powered wallets in Laos. In the future, UnionPay will continue to use its strengths to promote people-to-people exchanges between China and Southeast Asian countries and contribute to payment development in Asia-Pacific.
Mr. Soumphonphacdy said that this partnership with UPI represents yet another important achievement of the two parties' efforts to enhance collaboration on cross-border payments and digital financial services between Laos and China. The payment linkage is critical for facilitating Lao's trade and exchanges with China and with other ASEAN countries. LAPNet looks forward to working with UPI to accelerate the rollout of this collaboration, driving financial and payment innovation within the region to the benefit of more residents and businesses in the two countries.
At present, almost all POS terminals and ATMs in Laos support UnionPay cards, and UnionPay is the international card brand that is most widely used by local residents. As Lao residents increasingly shift to QR payments, UnionPay International has ramped up its efforts to expand QR payment coverage. This partnership with LAPNet sees the integration of UnionPay's QR specifications into the Lao QR, Laos's national QR code standards, linking the two QR networks in a rapid and extensive manner for mutual acceptance, and enhancing the user experience of e-wallets in cross-border mobile payments.
With this collaboration, which is based on the network interoperability model, all Lao QR merchants can easily support UnionPay's mobile payment products after updating their payment codes without any additional technical upgrade. Users of the UnionPay App, Chinese e-wallets integrated with the UnionPay MobileWallet Connect Service, and international UnionPay partner wallets can scan the Lao QR and make easy payments. In the future, new QR merchants in Laos will accept UnionPay by default.
Going forward, UPI and LAPNet will work to enable Lao residents to pay with home banking apps at UnionPay QR merchants in China. Once users link their physical UnionPay cards or activate digital cards in the Lao wallets, they will be able to pay by scanning the UnionPay QR code in countries and regions where UnionPay QR acceptance is available. Lao residents will thus have a better experience when they pay with mobile devices during outbound travel, especially in China.
Since last year, UPI has launched or has been working on payment linkages with local switches from 18 countries or regions outside the Chinese mainland. Currently, over 8.6 million merchants in 46 countries and regions outside the Chinese mainland accept UnionPay QR payments, offering more convenient and diverse options to consumers.
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Source: UnionPay International
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