20th January 2025 - 2 min read
UnionPay International (UPI) has entered a strategic partnership with Bank Simpanan Nasional (BSN) to introduce UnionPay QR payments in Malaysia, scheduled for launch in the first half of 2025. This collaboration highlights a shared commitment to advancing digital payment solutions and enhancing Malaysia’s growing payment ecosystem.
Through this initiative, BSN will join UnionPay as a member, expanding its portfolio of payment system operators to include UnionPay alongside Visa, Mastercard, and MyDebit.
By incorporating QR payment into its payment and acceptance solutions, BSN aims to strengthen its presence in the digital payment landscape. This initiative will empower consumers, particularly younger, digitally savvy, and travel-oriented users, to make seamless domestic and international transactions through UnionPay’s secure and widely accepted QR payment system.
Dr. Jian Jiangtao, Regional Head of UnionPay International (Southeast Asia), expressed enthusiasm about the partnership, noting its potential to transform Malaysia’s digital payment ecosystem.
“We are thrilled to embark on this strategic collaboration with BSN, a leading Development Financial Institution in Malaysia. This partnership allows us to expand our digital payment solutions while contributing to the growth of Malaysia’s digital payment ecosystem. With this virtual QR Pay solution, consumers will benefit from greater convenience, security, and control over their spending, enhancing their financial experiences, especially during cross-border travel,” he said.
Jay Khairil, Chief Executive of BSN, emphasised the importance of the collaboration, describing it as a pivotal step in BSN’s journey towards digital transformation.
“This partnership with UPI marks a significant milestone in BSN’s digital transformation journey. The QR payment solution enables customers to transact effortlessly across UnionPay’s extensive network, including China and other participating countries. BSN’s facilitation of QR Pay acceptance amplifies our commitment to supporting micro-businesses and SMEs in adopting cashless payment solutions.”
Samuel writes about personal finance and financial news, focusing on how banking updates, policies, and promotions affect everyday money decisions. He enjoys making complicated financial topics easier to follow. Outside of writing, he spends his time watching TV shows and occasionally convincing himself he will only watch one episode.
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