Payment Methods

UnionPay Partners With Bank of China To Bring QR Code Payments To Canada

UnionPay International is partnering with Bank of China’s Canadian unit to launch its QR code payment service in Canada. According to a report in Verdict, all of the Foodymart stores in Canada will now accept UnionPay QR code as a payment method. UnionPay, noted the report, will also launch the service in the U.S. via certain food and beverage merchants in California.

UnionPay CEO Cai Jianbo said in the report, “UnionPay is expanding the scope of acceptance of mobile payment services outside of mainland China and pushing the debut of UnionPay’s QR code payment in North America, which opens new perspectives for the promotion of the UnionPay app. UnionPay International is expediting rolling out its innovative payment services by improving the linkage between different markets.”

Verdict noted that UnionPay estimated its QR code payment will be accepted by close to 5,000 merchants across North America during 2018. The report noted that UnionPay cards are accepted at nearly all ATMs in the U.S. Also, its credit cards are accepted at more than 80 percent of merchants in Canada, and the cards are accepted at 90 percent of ATMs and more than 160,000 merchants in the country.

Earlier in the year, UnionPay and payments company ACI Worldwide announced they inked a partnership. In a press release at the time, the companies said that by connecting to ACI’s global network of payment endpoints, UnionPay is set to see its worldwide footprint grow “significantly.” The partnership also gives UnionPay a next-generation foundational platform via new products and services that can be quickly brought to the market.

“Since the start of this year, UnionPay has been focused on expanding our business by coming up with innovative ideas, collaborating with new organizations and operating … new go-to market strategies,” said Jianbo. “This partnership is of great significance, as it promotes cooperation in the development of our overseas business. Organizations and merchants have transformed their systems, and can now rely on ACI’s business and technical strength in the global financial sector to further accelerate the development of innovative products. We can respond faster to our customers’ needs and increase the efficiency of our business operations.”

——————————

PYMNTS LIVE ROUNDTABLE: TUESDAY, JULY 14, 2020 AT 12:00 PM (ET)

Digital transformation has been forcefully accelerated, but how does that agility translate into the fight against COVID-era attacks and sophisticated identity threats? As millions embrace online everything, preserving digital trust now falls mostly on banks and FIs. Now, advances in identity data and using different weights on the payment mix afford new opportunities to arm organizations and their customers against cyberthreats. From the latest in machine learning for fraud and risk, to corporate treasury teams working in new ways with new datasets, learn from experts how digital identity, together with advances like real-time payments, combine to engender trust and enrich relationships.

TRENDING RIGHT NOW