MB pioneers in launching UnionPayQR, bringing a different shopping experience to foreign customers

Military Commercial Joint Stock Bank (MB) has officially become the first bank in Vietnam to successfully develop a payment method through the UnionPayQR standard, marking the next step in the comprehensive cooperation between the international card organization UnionPay International (UPI) and MB.

Accordingly, instead of paying in cash as before, international customers only need to use financial applications that integrate the UnionpayQR standard to pay for goods at payment acceptance units (DVCNTT) such as business households, small traders, retail chains... that integrate this QR standard provided by MB. UnionpayQR - Convenient payment solution Previously, at the end of 2022, MB successfully developed the UnionPay standard QR code payment feature on the MBBank App in countries such as China, Taiwan, Singapore, helping MB customers easily shop for goods and services in these countries. Following that success, at the end of 2023, MB continued to launch QR codes according to UnionPay standards for businesses, small businesses... with international customers. From now on, by simply using mobile applications that allow payment via QRUnionPay standard, global shoppers can easily pay by scanning QR codes at the IT service providers that MB has established in Vietnam according to Unionpay standards... With the goal of promoting the implementation of integrated payment APIs for retail chains through reputable development partners, in order to meet the needs of international customers as well as the desires of businesses and business households... for convenient payment methods, it is expected that by the end of 2024, MB will develop 100,000 UnionpayQR payment acceptance points nationwide. UnionpayQR - Promoting domestic and international consumption In recent years, the number of tourists from China, Taiwan, and Singapore to Vietnam has increased. In particular, this is a group of customers with large spending capacity and a habit of using new payment methods instead of cash. Therefore, convenient payment infrastructure will help Vietnamese businesses increase sales, increase revenue, increase profits and contribute to promoting domestic production and on-site export.

UnionpayQR helps foreign customers easily and quickly pay at stores and merchants in Vietnam

In addition, with the ability to quickly access technology, many Vietnamese people also own mobile applications that provide online payment functions linked with UnionPay. Therefore, implementing a fast and convenient payment method such as UnionpayQR not only stimulates tourists to spend more in the Vietnamese market but also promotes domestic consumption. Linking the UnionpayQR payment network with mobile application users to allow payment via UnionPay standard QR codes globally is also an important step for MB in the process of participating in the international payment system. Mr. Cai HuiMing - General Director of UnionPay International Southeast Asia commented that Vietnam is a market with great potential because of its large population and rapid economic growth in recent years, leading to the demand for convenient payment methods as well as modern shopping services at home and abroad. "UnionpayQR will be a key stepping stone in promoting advanced payment products and solutions as well as reducing cash payments in Vietnam," said Mr. Cai HuiMing. UnionpayQR and practical benefits for businesses In fact, in the early days of implementing UnionpayQR, MB Bank's partners had very positive feedback on the benefits that this payment method brings. Mr. Le Trong Tuan - Director of Song Sang Media Joint Stock Company (SSMedia) said: "MB's integration of QR according to UnionPay standards can be said to be an extension of the arm that helps domestic businesses, especially those in the tourism sector such as restaurants, hotels, shopping spots... have an additional convenient payment method for international guests, stimulating customers to spend more when coming to Vietnam. In addition, UnionPayQR also helps domestic customers have an additional non-cash payment method when shopping or spending abroad." In addition to providing a simple, fast and convenient experience, the UnionpayQR payment method also focuses on high safety and security for customers with a re-authenticated payment process using OTP code for maximum transaction security. Breakthrough payment experience, good access to potential foreign customers, spectacular sales acceleration today with UnionpayQR from MB. Contact: 24/7 Customer Care Center: 1900545426 - 02437674050