The agreement between UnionPay International (UPI), and epay means that UnionPay’s QR code payments, also known as UnionPay App, can be settled in Europe for Chinese tourists and other UnionPay card users from all over the world.
Through this new partnership, epay is expanding its portfolio with the addition of a consumer-centric and user-friendly payment method. In its domestic Chinese market in recent years, the service has grown into one of the most popular QR payment methods as UPI has expanded the ecosystem for payments in response to growing consumer interest in simple, contactless mobile payment methods, as per the press release.
More than 13 million merchants in 96 countries and regions outside the Chinese mainland now support the UnionPay mobile payment method. Entry into the European market marks a new milestone for UPI, with customers able to benefit from the option to pay easily, securely, and quickly.
The partnership also reinforces epay’s t payment aggregators status in Europe with the ability to offer European merchants access to a large customer base with UnionPay, which has issued more than 190 million cards outside mainland China and provides card acceptance in 181 countries and regions.
The payments sector in Asia has seen strong and growing demand from consumers for QR code-based payments, a trend spreading to more countries around the world. When paying at a POS terminal under the consumer-presented mode, the user’s payment app generates a QR code which is scanned by the retailer to trigger payment, with the process completed in a few seconds.
QR payments work on all smartphones and retailers can incorporate the function into their existing payment infrastructure without major additional investments. Risk controls for QR code payments are highly effective due to transaction monitoring in real time and precise authentication capabilities.
While the main advantages of QR code payments include cost, flexibility, and security, epay's retail partners also benefit from the ability to integrate not only UnionPay QR, but also other popular QR payments, classical payment methods, and value-added services such as tax-free and dynamic currency conversion services, gift cards, prepaid cards, and loyalty schemes.
Epay is a global provider of payment processing and prepaid solutions that processed more than 3 billion transactions in 2021. The company has built an extensive network of retailer touchpoints with 777,000 point-of-sale terminals in 63 countries that connects brands with consumers all over the world. The company offers a diverse ecosystem of services, products and solutions supporting the distribution of Payment and Branded Payments for more than 1,000 brand partners via commerce, ecommerce, and mcommerce solutions.
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