UnionPay
International (UPI), a global payment network, will unveil its low-cost and
easy implementable e-payment solutions at the Bangkok FinTech Fair 2018, held
from 19 - 20 March 2018. Aimed at providing secure, cost effective and
convenient payment solutions to empower small and medium-sized enterprises
(SMEs) to capture the opportunities in a rapidly digitalising economy, UnionPay
will be showcasing a range of mobile and wearable payment technologies that can
be easily adopted by SMEs in Thailand.
The e-payment
solutions on show include:
Wearable
Payments:
UnionPay International provides a glimpse into the future of payments using
Garmin, Huawei, Swatch and Tic wearable products. Consumers can easily digitise
their credit or debit cards to enable hands-free payment with a tap of their
wearable devices while leaving their cash and cards at home. Merchants can also
streamline their payment operations by doing away with the use of cash, easing
payment settlement for them.
Quick
Response (QR) Code Payments: QR
Code payments offer a quick and easy way to process e-payments. To make QR
payments at participating merchants in Thailand, UnionPay Cardholders can
simply download a mobile application that supports UnionPay QR Code payments,
link their cards to the app, and use the app to scan the merchant-presented QR
Code, or generate a dynamic consumer-presented QR Code to be scanned by the
merchant.
“As Thailand moves
towards realising the vision of a cashless society, UnionPay International is
working actively to develop and test more innovative e-payment solutions that
are tailored to the needs of the SMEs,” said Mr Vincent Ling, Deputy General Manager,
UnionPay International Southeast Asia. “These e-payment solutions are showcased at the
Bangkok FinTech Fair 2018, and will pave the way for more payment innovations
to come as we look to harnessing technologies like artificial intelligence, big
data, biometric authentication and other innovations to enable quicker, safer
and more seamless payments for consumers and small businesses alike,” he
added.
In May 2017,
UnionPay International announced its plan for a standardised QR code in
Thailand to support Bank of Thailand’s cashless drive. Following the
announcement, UnionPay will launch a QR Code payment pilot at Soi La Lai Sap
Market in Silom in the second quarter of 2018. The QR Code pilot will involve
hundreds of merchants, enabling small businesses who traditionally accept cash
payments to experience a new low-cost electronic payment alternative, to accelerate
Thailand’s push towards a cashless society. With the launch of the pilot,
consumers will also be able to enjoy quick, convenient and secure payments by
scanning the QR Codes on display at the participating merchants’ outlets at Soi
La Lai Sap Market.
UnionPay has rolled out QR code payment at selected F&B outlets, hotels and retailers in Singapore, Vietnam and 10 other markets globally.