China’s UnionPay International, a leading name in payment solutions, has announced that, starting this year, UnionPay cards issued by Vietnamese banks can be linked with Alipay and WeChat Pay, China's leading mobile payment platforms, through a partnership with UnionPay International.
This partnership enables Vietnamese travellers, students, and professionals to make secure and efficient payments via QR codes at numerous locations across China, including retail, dining, transportation and tourist attractions.
UnionPay says that, to date, the following banks in Vietnam have issued UnionPay cards that are eligible for linking: Military Commercial Joint Stock; LienVietPostBank; Bank of China – Ho Chi Minh City Branch; and the Industrial and Commercial Bank of China – Hanoi Branch.
To link a UnionPay card to Alipay or WeChat Pay, users will need to obtain a UnionPay card from a supported bank, and install the international version of the Alipay or WeChat application. They can then add the UnionPay card in the application's Bank Card section and complete the brief verification process to enable payments.
UnuonPay explains that outbound travel from Vietnam to China has increased steadily in recent years, according to data from the State Bank of Vietnam. Thus, this new feature offers a safer and more convenient way for travellers to spend, eliminating the need to carry large amounts of cash.
UnionPay says it is expanding to 183 countries and regions, including Vietnam. This partnership anticipates more Vietnamese banks joining in the near future to meet a rising demand for cross-border digital payments.
