KUALA LUMPUR, Malaysia, Jan. 17, 2025 /PRNewswire/ -- UnionPay International (UPI) has announced a strategic partnership with Bank Simpanan Nasional (BSN), to launch the UnionPay QR payment in Malaysia in the first half of 2025. This collaboration underscores both parties' commitment to advancing digital payment solutions in Malaysia and enhancing the country's evolving payment ecosystem. Through this partnership, BSN will join UnionPay as a member, expanding its portfolio of payment system operators to include UnionPay alongside Visa, Mastercard, and MyDebit.
As the third-largest debit card issuer in Malaysia, managing over six million debit cards nationwide, BSN is adapting to evolving consumer preferences for e-wallets and contactless transactions. In a strategic move to strengthen its presence in the digital payment landscape, BSN is expanding its payment and acceptance solutions to include QR payment. This initiative will empower customers, particularly digitally savvy and travel-oriented young consumers, to make seamless domestic and international payments through UnionPay's secure and widely accepted QR payment system.
"We are thrilled to embark on this strategic collaboration with BSN, a leading Development Financial Institution in Malaysia," said Dr. Jian Jiangtao, Regional Head of UnionPay International (Southeast Asia). "This partnership allows us to expand our digital payment solutions while contributing to the growth of Malaysia's digital payment ecosystem. With this virtual QR Pay solution, consumers will benefit from greater convenience, security, and control over their spending, enhancing their financial experiences, especially during cross-border travel."
Encik Jay Khairil, Chief Executive of BSN said "This partnership with UPI marks a significant milestone in BSN's digital transformation journey. The QR payment solution enables customers to transact effortlessly across UnionPay's extensive network, including China and other participating countries. BSN's facilitation of QR Pay acceptance amplifies our commitment to supporting micro-businesses and SMEs in adopting cashless payment solutions."
This collaboration between UnionPay and BSN signifies a shared commitment to innovation and enhancing customer experiences. By introducing the widely accepted QR payment solution to Malaysia, BSN is set to offer a seamless, modern payment option tailored to the evolving needs of local communities.
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About UnionPay International
UnionPay International (UPI) is a subsidiary of China UnionPay, dedicated to expanding and supporting UnionPay's global business. With partnerships across 2,600 institutions worldwide, UnionPay cards are accepted in 183 countries and regions, with issuance in 82 of them. UPI delivers high-quality, cost-effective, and secure cross-border payment solutions to the world's largest cardholder base, ensuring seamless local services for global cardholders and merchants.
About Bank Simpanan Nasional (BSN)
Since its establishment in 1974, Bank Simpanan Nasional (BSN) has been committed to becoming a catalyst for change in the lives of Malaysians. With the vision of "No Malaysian Left Behind," BSN provides inclusive and innovative financial solutions to ensure broad access to financial opportunities for all segments of society.
As a key national financial institution, BSN is dedicated to realizing its mission of improving financial literacy among Malaysians and building a brighter financial future. With an extensive network of services, BSN offers comprehensive products and services, including savings, financial management, microfinance, personal financing, as well as both Islamic and conventional credit cards.
BSN currently operates more than 387 branches, 40 Micro Finance Centres, 576 Automated Teller Machines (ATMs), 260 Cash Recycling Machines (CRM), 10 Mobile Bank Branches (CBB), and over 2,240 BSN Agents (EB BSN) nationwide, including in rural and remote areas. With more than 10.3 million customers, BSN continues to lead in financial inclusivity, supporting the national economic development agenda. (As of November 2024)
As of November 2024, BSN manages retail deposits valued at RM21.9 billion, reflecting the trust and confidence that the public places in our services. By combining digital technology with a personal touch, BSN continues to bring banking to every corner of the country, making financial services more accessible for all.
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