UnionPay International to expand contactless payment adoption in SEA

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.