UnionPay International is set to roll out its mobile payment product – QuickPass QR code payment – in Thailand, Indonesia and Australia.
After recent launch in Hong Kong and Singapore, the latest move is part of Chinese card company’s strategy to bolster its footprint in Southeast and Northeast Asia.
UnionPay International is also teaming up with several countries in Southeast Asia to launch e-wallet products this year.
In Thailand, UnionPay is partnering with Visa and MasterCard to develop a common standard for QR code payment that will be recommended by Bank of Thailand to the local financial institutions and merchants.
In future, more Southeast Asian countries are expected to adopt UnionPay standard, which is compatible with international standard and more secure, while launching QR code payment products.
According to the latest data, the cross-border transaction volume of mobile QuickPass, the UnionPay mobile payment product, doubled in the first half of this year.