UnionPay, Visa and Mastercard Develop Standardized QR Code for Payments in Thailand
On May 9, UnionPay International, Visa and Mastercard introduced the initiative to develop a Standardized Quick Response (QR) Code for payments in Thailand, which is intended to be implemented by banks and merchants across Thailand, accelerating Thailand’s transition to a cashless society. The Standardized QR Code is expected to be introduced by the third quarter of 2017. Then, merchants are able to accept mobile payment products of the three international card brands with the Standardized QR Codes.
Over the past few years, UnionPay International has supported Thailand’s upgrade of its payment industry by taking part in financial infrastructure construction and standard licensing. Now, the UnionPay chip standard has become the recommended standard of Thailand’s bankcard industry with Thailand’s local switch network TPN (Thailand Payment Network) built based on the UnionPay standard. Thailand has also created its own debit card brand, TPN, based on the Network, and Thailand’s largest bank Bangkok Bank has started issuing TPN UnionPay cards in large scale.
With the change of customers’ consumption habits, QR code payment becomes a key method of mobile payment. Since it is easy to set up and use, QR code payments can help the middle and small merchants in Thailand to accept electronic payments. By establishing standard specifications for QR code payments, merchants will only need to display one QR code at the storefront or through the acquiring bank’s mobile application, and customers can simply use a smart phone to scan the QR code to pay.
This cooperation is of great significance: Firstly, it proves that UnionPay’s innovative payment standard is recognized by international markets, and will promote the roll out of UnionPay’s QR code payments in overseas markets. Secondly, the QR code payment will be a substantial supplement to UnionPay’s NFC mobile QuickPass in Thailand, and will further expand the usage of UnionPay cards in Thailand and accelerate its localization there. Thirdly, it will enable Thailand’s merchants to use a globally interoperable secure QR code payment, supporting Thailand’s roadmap towards a cashless society.
Currently, almost all ATMs and 90% of merchants in Thailand accept UnionPay. Meanwhile, UnionPay International continuously enriches the usage of its products in Thailand by payment innovation. Earlier this year, UnionPay’s mPOS services was launched in Thailand, which enabled cardholders to make payment by swiping their UnionPay cards on mobile devices at the small merchants at Chiangmai night bazaar and at the famous Nimmanhaemin district.
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