UnionPay International and NETS enter into strategic partnership with major NETSPay app upgrade

After launching the “UnionPay” app for Hong Kong and Macau residents, UnionPay has made another progress in localizing its mobile payment products in overseas markets. UnionPay International announced today that it has collaborated with NETS, a leading payments services group in Singapore, in upgrading NETS’s e-wallet product NETSPay, based on UnionPay’s standards and technologies. Singapore customers can now download the enhanced NETSPay and enjoy UnionPay mobile payment services in and outside Singapore through UnionPay digital issuance.

With the development trend of mobile internet and digital payment services, UnionPay has launched a series of innovative products like UnionPay mobile QuickPass, UnionPay QR code and unified app “UnionPay” for banking industry in recent years. Based on these products, UnionPay is actively improving the overseas acceptance of its mobile payment products, and endeavors to meet the diverse payment needs of overseas cardholders through various flexible approaches like launching “UnionPay” and developing local e-wallet products with overseas partners.

Cai Jianbo, CEO of UnionPay International, said that the two parties have carried out acceptance cooperation since 2004, and further extend the scope of cooperation to mobile payment services. UnionPay supports its partners to develop products with UnionPay QR code and digital issuance technology, and leverages on UnionPay global network to enhance the local e-wallet products in overseas markets. UnionPay is willing to play the role of an open platform, leveraging its advantages in technology, standards and products to provide mobile payment product technology solutions and product-development support for more overseas institutions, continuously optimizing the consumer's payment experience and satisfying local consumers' payment. new demand.

The enhanced NETSPay has achieved breakthroughs in several aspects: Firstly, it supports both QR code payment and NFC payment, and is compatible with the mobile payment standards of UnionPay and NETS. Secondly, NETSPay is a local e-wallet that supports functions of various banks. Thirdly, NETSPay is accepted in UnionPay’s global acceptance network; NETSPay users can pay with it both in and outside Singapore.

CEO of NETS Jeffrey Goh added that NETS is always looking for new ways to make cashless payments seamless for its users. Working with a leading global partner such as UnionPay is part of our efforts to make NETS services seamless for our Singapore consumers. Now whether you’re shopping in Shanghai or paying for your chicken rice at your favourite hawker stall in Singapore, all you need is NETSPay.

The enhanced NETSPay app enables consumers to scan and pay for purchases at over 7.5 million UnionPay QR code merchants globally. They can also make contactless payments using their near-field communication (NFC) enabled smartphones at close to 12 million UnionPay QuickPass contactless acceptance points without the need to use foreign currencies (cash) when travelling.

At present, cardholders in Singapore, Thailand, Vietnam, Hong Kong, Macao and other countries and regions have been able to download mobile payment apps, bind locally issued UnionPay cards and make payment by scanning QR codes at merchants supporting UnionPay QR code worldwide. And cardholders in Hong Kong, Macao and South Korea can also make payment by easily tapping mobile phone through UnionPay mobile QuickPass.