UnionPay Worldwide (UPI) and the Nationwide Fee Company of Vietnam (NAPAS) have launched a pilot programme for cross-border QR funds between China and Vietnam.
The initiative goals to enhance cell fee choices for Chinese language guests in Vietnam and strengthen hyperlinks between the 2 nations.
The pilot builds on earlier agreements.
In October 2024, UPI and NAPAS signed a Memorandum of Understanding on cross-border fee cooperation.
Leaders from each governments witnessed the signing.
In April 2025, UPI, NAPAS, the Industrial and Business Financial institution of China (ICBC), and Vietcombank signed a four-party settlement in Hanoi.
The deal confirmed their plan to introduce QR fee interconnection inside the 12 months.
Chinese language vacationers can now scan VietQR International QR codes at collaborating retailers utilizing the UnionPay App or accomplice financial institution apps.
This enables cashless funds in main buying areas, vacationer websites, eating places, and different retailers.
Collaborating establishments anticipate greater than 30,000 retailers to just accept QR funds by the tip of 2025.
In 2026, NAPAS plans to broaden the programme to all member establishments, together with banks, fee corporations, and main native e-wallets.
This may widen acceptance throughout the nation.
UPI and NAPAS additionally intend to allow Vietnamese customers to scan UnionPay QR codes in China via NAPAS member financial institution apps.
This may create two-way QR compatibility for travellers and residents.
Larry Wang, CEO of UnionPay Worldwide, mentioned:
“Vietnam is a crucial vacation spot for Chinese language vacationers and a key marketplace for Chinese language enterprises’ worldwide enterprise. As financial and cultural exchanges between the 2 nations deepen, the China-Vietnam QR code interconnection will improve fee comfort and enhance regional monetary cooperation.”
Featured picture credit score: Edited by Fintech Information Singapore, primarily based on picture by freepik, maksin_priestess and maksin_priestess by way of Freepik
