China’s UnionPay International (UPI) is ramping up its cross-border efforts by enabling merchants in the country to now accept 170 international wallets.
UPI’s recent announcement is in line with its goal to facilitate network interconnection and interoperability. This move aims to provide more convenience to consumers traveling to China by allowing them to use the payment options they’re familiar with. For example, residents of Hong Kong and Macao SAR can use wallets including BoC Pay, Octopus card, and the UnionPay App.
Meanwhile, users of Thailand’s K PLUS and South Korea’s NaverPay can pay for goods by scanning the UnionPay QR codes at the point-of-sale.
Global Partnerships Are Driving Rapid Transformation
Cross-border payments are gaining traction worldwide. There have been several partnerships this year where organizations have expanded their cross-border initiatives, particularly targeting travelers.
Earlier this month, Alipay + and Payment Networks Malaysia (PayNet) announced that travelers to Malaysia can now make digital payments through major e-wallets, including TrueMoney, Kakao Pay, and AlipayHK. The partnership will have a significant impact across the region, with cross-border payment acceptance expanding to Malaysia’s 1.8 million merchants.
Similarly, Ant Group recently teamed up with an electronic wallet provider, Korea Easy Payment Foundation, in South Korea to offer cross-border payments to tourists from China and Southeast Asia. Visitors just need to use any of the six digital payment apps within the Alipay+ network to pay at shops and restaurants and scan the ZeroPay QR codes when they’re at check out.
By and large, these ongoing endeavors are addressing pain points that many travelers face when entering a new country—not being able to pay for goods via their preferred payment. Previously in China, it was impossible for tourists to make payments without a Chinese bank account. And it was only until this summer that foreign travelers were able to link their foreign credit cards to WeChat or AliPay.