Under the collaboration, U Mobile launched GoPayz, a digital wallet, using the UPI wallet solution. The offering will enable users to make payments by scanning QR codes across 10.8 million merchants in 30 countries.
The U Mobile customers will also be able to pay using a virtual UnionPay card or binding UnionPay physical card issued by the company at certain locations. Moreover, U Mobile will issue physical prepaid cards to users, while they need to apply to procure a UnionPay virtual card.
The collaboration aims to tap the growing mobile banking and digital wallet usage in Malaysia. According to the central bank of the country, Bank Negara Malaysia, the new payment alternatives witnessed a substantial increase. Currently, the overall coverage rate of UnionPay cards in Malaysia is around 90%. Based on this data, UPI made strides to deploy local mobile payment services to support UnionPay app users visiting Malaysia.
Earlier in 2019, UnionPay has announced that it has signed a new agreement with Banca Sella, an Italy-based bank and card acquirer which has a strong focus on ecommerce merchants.
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