UnionPay International to expand contactless payment adoption in SEA

Tuesday 21 December 2021 10:15 CET | News

China-based card scheme UnionPay International (UPI) has introduced its SoftPOS solution for the first time using a payment technology developed by Malaysia-based Soft Space.

The SoftPOS solution to be launched in Malaysia is expected to create market opportunities for UPI to grow its contactless acceptance, particularly in Southeast Asia, adding to its network across 180 countries and regions globally.

The solution will enable UPI to offer its SoftPOS solution to merchants of all sizes, especially SMEs, simplicity and convenience. This UPI SoftPOS solution, a first for UPI and to be launched in Malaysia, transforms consumer-grade NFC Android smartphones with near-field communication (NFC) into a payment terminal in order to accept contactless UnionPay transactions.

As part of the launch, UPI is working with AmBank Group to utilise its existing SoftPOS solution, mTAP, to encourage smaller merchants, which may be hesitant to adopt contactless payments due to the high cost and the inconvenience associated with traditional payment terminals.

According to SME Corporation Malaysia, SMEs make up of 97.2% of Malaysia’s economy in 2022 and this makes Malaysia a location for UPI to grow its contactless acceptance.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: UnionPay, contactless payments, POS, NFC, mobile payments, expansion
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce

Industry Events