China, Vietnam launch cross-border QR code payment connectivity

(ECNS) -- China's UnionPay International, National Payment Corporation of Vietnam (NAPAS), Industrial and Commercial Bank of China (ICBC), and JSC Bank for Foreign Trade of Vietnam (VCB) have signed a cooperation agreement to promote cross-border QR code payment connectivity between China and Vietnam, according to the People's Bank of China (PBOC) on Tuesday.

UnionPay International and NAPAS will promote China's Cloud QuickPass network at VietQR-accepting merchants in Vietnam, while Vietnam's local VietQR wallets will be accepted at UnionPay QR code merchants in China.

ICBC and VCB will serve as the first clearing banks, providing local currency settlement services for cross-border payments.

The China-Vietnam cross-border QR code payment cooperation is led and guided by the two central banks, the PBOC and the State Bank of Vietnam, which jointly formulate the top-level cooperation framework. China UnionPay and its Vietnamese counterpart are responsible for the specific implementation.

(By Gong Weiwei)