SHANGHAI, December 15, 2021 / PRNewswire / – UnionPay International today announced the launch of its Mobile Phone as POS (MPP) product in overseas markets. Small businesses are able to turn smartphones into point-of-sale terminals at low cost and without any technical modifications, and support multiple types of UnionPay payments such as card / phone tapping and QR code. Hong Kong fintech SPECTRA Technologies, Malaysia AmBank Group and payment company Soft Space have become the first group of organizations to offer this service to their merchants.
A number of investigative reports indicate that more and more consumers are turning to contactless payments since the COVID-19 outbreak. UnionPay International, working with payment partners, has worked to enable more than 10 million merchants outside of the Chinese mainland to support UnionPay’s mobile QuickPass and QR Code payment, while minimizing the cost of payment. use of cash and physical contact that may occur during face-to-face payments. while improving the payment experience. UPI also launched the PaybyLink solution, with which merchants can accept payments online without the need to set up an e-commerce store, so that more small and micro businesses outside of mainland China benefit from the adoption of mobile payments.
The MPP product will further lower the acceptance threshold for merchants as they can simply download a designated app on a smartphone, complete registration and review online before the service is activated. No additional hardware is required.
The product was warmly received by buyers and traders when it was launched. At the recently opened Hong Kong Brands and Products Expo, more than 100 exhibitors attempted to accept payments with the MPP product. A spokesperson for the AmBank group said that given the product’s strong operability and low cost, the Bank will encourage more SMEs to support UnionPay.
Accepting UnionPay payment services will bring a wide range of local and cross-border traffic to foreign merchants. Currently, UnionPay cards have been issued in 70 countries and regions around the world, and over 160 million have been issued outside of mainland China; Over 100 UnionPay standard digital wallets have been deployed in over 20 countries and regions in multiple forms such as UnionPay app, OEM Pay and QR Code wallet.
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SOURCE UnionPay International