Under the witness of Mr. Ravi Menon (middle), Managing Director of the Monetary Authority of Singapore (MAS), China UnionPay President Mr. Shi Wenchao (right) and NETS CEO Mr. Jeffrey Goh (left) signed the MOU
On November 13th, UnionPay International signed a Memorandum of Understanding with NETS, a leading payments services group in Singapore, to further equip NETS’s mobile payment product NETSPay with UnionPay cross-border remittance and UnionPay mobile QuickPass functions. Previously, NETSPay has already supported UnionPay QR code payment function. Under the witness of Mr. Ravi Menon, Managing Director of the Monetary Authority of Singapore (MAS), China UnionPay President Mr. Shi Wenchao and NETS CEO Mr. Jeffrey Goh signed the MOU.
Since the beginning of this year, based on the expanding acceptance scope of its mobile payment products outside mainland China, UnionPay International has accelerated the localization of its innovative business. At present, UnionPay cardholders in about 10 countries and regions including Singapore, Thailand, Hong Kong, Macau and South Korea have been able to use mobile payment service based on locally-issued UnionPay cards. Among them, UnionPay International and NETS reached a cooperation to upgrade NETSPay this September and realized the digital issuance of UnionPay cards, laying a foundation for both parties to continuously optimize product functions and enhance the mobile payment experience of Singapore cardholders.
Shi Wenchao said that in line with Singapore's accelerated construction of cashless society, UnionPay has summarized its experience of developing and promoting the “UnionPay” app, and has provided various mobile payment and basic financial services for Singapore cardholders through flexible cooperation with local institutions, meeting the new needs of local consumers while facilitating the personnel and business exchanges between China and Singapore.
At present, NETSPay users have been able to use QR code for payment at the merchants that support the UnionPay QR code globally, including a large number of local catering and retail merchants in Singapore. After the cooperation is reached, both parties will provide even more mobile payment options and basic financial services to NETSPay users, and uses of the “UnionPay” app will be able to pay by scanning QR codes at the QR code acceptance points of NETS in Singapore, enjoying better travel payment experience.
Jeffrey Goh said that NETS has been committed to expanding the range of electronic payment services for users and continuously enriching and optimizing the functions of NETSPay products. UnionPay is one of the world's leading payment brands, and cooperation with it will further enhance NETS's mobile payment service capabilities locally and abroad, bringing greater value to merchants and users.
At present, users of the “UnionPay” app can enjoy safe and convenient mobile payment service in 42 countries and regions, including QR code payment and QuickPass contactless payment. About 10 million merchants in 24 countries and regions accept UnionPay QR code payment; and UnionPay mobile QuickPass is accepted at about 18 million POS terminals in 32 countries and regions.