UnionPay International announced today that it has cooperated with Cambodia MekongBank to achieve the first time for local merchants to accept UnionPay QR code payment service. At the same time, the bank's e-wallet will also support UnionPay QR code payment service within the year to better meet the mobile payment needs of “UnionPay” app users visiting Cambodia and local cardholders. Shi wenchao, President of China UnionPay, and Khov Boun Chhay, President of MekongBank, attended the signing ceremony. Meanwhile, UnionPay International reached an agreement with local payment gateway Bongloy to launch the first UnionPay online payment service in Cambodia.
With the implementation of the “One Belt, One Road” initiative getting deeper, China-Cambodia economic and personnel exchanges have become increasingly close. According to data from the Ministry of Commerce, Cambodia is the country with the largest increase in Chinese investment along the “Belt and Road” in 2017, and China has become the country which has the largest tourist group to Cambodia. Against this background, UnionPay International has accelerated its expansion of its Cambodian business. At present, the coverage of local UnionPay cards has exceeded 90%, and all terminals support UnionPay chip cards. Six local mainstream institutions have issued a number of UnionPay card products to facilitate local residents' daily payments and cross-border travel.
On the basis of the continuous improvement of the local card-based business, UnionPay International cooperated with MekongBank to realize a large number of supermarkets, restaurants, department stores and other merchants in Cambodia to accept UnionPay QR code payment service. The MekongBank’s e-wallet will enable UnionPay QR code payment service. Local residents can add the UnionPay card issued by the bank for local or cross-border QR code payment. Cambodian gateway Bongloy will also support UnionPay online payment service within the year. UnionPay cardholders will be able to pay online at a number of well-known local shopping websites, food delivery websites, taxi app and other e-commerce platforms.
Shi Wenchao said that in line with Cambodia's vigorous development of the digital economy, we actively promoted the launch of innovative products such as UnionPay mobile payment and online payment. UnionPay is accelerating the layout of overseas mobile payment products, and by providing flexible and innovative payment solutions to cooperative institutions, it will continue to expand the scope of overseas use of “UnionPay” app, and also provide mobile payment services for overseas cardholders to meet their diversified payment needs.
Khov Boun Chhay said that the launch of UnionPay QR code payment in Cambodia will bring a new generation of payment methods to local merchants and residents, facilitating the innovation of payment service in Cambodia. Cambodia is accelerating the creation of a digital payment environment. It is believed that the convenient, fast and secure UnionPay QR code payment will have a broad market space locally.
At present, the scope of “UnionPay” app has been expanded to 40 overseas countries and regions, and SEA is the “demonstration zone” for UnionPay QR code payment. Singapore, Malaysia, Vietnam, and Thailand have all launched UnionPay QR code payment service. There will be tens of thousands of merchants who will enable QR code payment service in SEA within the year. Cardholders in Singapore, Thailand, Vietnam, etc. can also download the mobile payment app and add their locally issued UnionPay card to pay at all merchants who support UnionPay QR code payment service globally.