UPI and BSN Partner to Transform Payments with QR Payment
17 January 2025
KUALA LUMPUR: UnionPay International (UPI) has announced a strategic partnership with Bank Simpanan Nasional (BSN) to introduce UnionPay QR payment services in Malaysia, set to launch in the first half of 2025.
This collaboration highlights the commitment of both organizations to advancing digital payment solutions and enhancing the evolving payment ecosystem in Malaysia. As part of this partnership, BSN will join UnionPay as a member, broadening its portfolio of payment system operators to include UnionPay alongside established brands such as Visa, Mastercard, and MyDebit.
As the third-largest debit card issuer in Malaysia, managing over six million debit cards nationwide, BSN is keenly attuned to shifting consumer preferences towards e-wallets and contactless payment methods. In a strategic effort to strengthen its foothold in the digital payment landscape, BSN is expanding its payment acceptance solutions to incorporate QR payment technology.
"We are thrilled to embark on this strategic collaboration with BSN, a leading Development Financial Institution in Malaysia," said Dr. Jian Jiangtao, Regional Head of UnionPay International (Southeast Asia).
"This partnership allows us to expand our digital payment solutions while contributing to the growth of Malaysia's digital payment ecosystem. With this virtual QR Pay solution, consumers will benefit from greater convenience, security, and control over their spending, enhancing their financial experiences, especially during cross-border travel."
Jay Khairil, Chief Executive of BSN said "This partnership with UPI marks a significant milestone in BSN's digital transformation journey. The QR payment solution enables customers to transact effortlessly across UnionPay's extensive network, including China and other participating countries. BSN's facilitation of QR Pay acceptance amplifies our commitment to supporting micro-businesses and SMEs in adopting cashless payment solutions."
This collaboration between UnionPay and BSN signifies a shared commitment to innovation and enhancing customer experiences. By introducing the widely accepted QR payment solution to Malaysia, BSN is set to offer a seamless, modern payment option tailored to the evolving needs of local communities.
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