At the signing ceremony (Photo: VNA) 
 
Hanoi (VNA) – The Tien Phong Commercial Joint Stock Bank (TPBank) and UnionPay International (UPI) signed a cooperation agreement on inter-bank payment in Vietnam, at a ceremony in Hanoi on July 15.

TPBank General Director Nguyen Hung said the move will enable millions of UnionPay clients to expand inter-bank payment via cards and QR Code at TPBank points-of-sale (POS) from July 2019.

UPI Vice President Larry Wang said the partnership seeks to take advantage of the large number of tourists from China, the Republic of Korea and Thailand who want to pay for services in Vietnam.

Dinh Van Chien, TPBank Deputy General Director, said TPBank cardholders travelling to China could use its QuickPay application to make payment via QR Code.

According to the General Statistics Office and the Vietnam National Administration of Tourism, over 3.2 million Chinese and Korean visitors arrived in Vietnam in the first quarter of this year, and many of them used UPI cards with a purchasing power of trillions VND.

At present, there are over 7.5 billion UnionPay cardholders in 52 countries and regions globally, more than 55 million points-of-sale and 2.9 million ATMs accepting UnionPay cards in 174 countries and regions.

In Southeast Asia, UnionPay has expanded the system of ATMs and POS as well as issued cards in 10 nations. In Vietnam alone, it worked with over 10 partners to offer payment services.

Before TPBank, Vietcombank and Vietinbank had signed similar partnership pacts with UnionPay.-VNA