UnionPay expands QR code payments in UAE through Network International
Just two months after UnionPay bolstered its support of QR code payments in China through an arrangement with Tencent Holdings Ltd., the company is working with Network International to initiate its first pilot for QR code payments at a merchant location in the UAE.
The companies revealed Wednesday that the first transaction at that site was successful, setting up the introduction of the payment method in that region through Network International's digital commerce platform across the Middle East and Africa.
The pilot transaction follows UnionPay's agreement last year with Network International to enable approximately 10,000 merchant terminals in the UAE to support UnionPay’s QR code-based payment service.
China’s multibillion dollar ‘Belt and Road Initiative’ has contributed to the country maintaining its position as the UAE’s largest trading partner for several years.
More than 15.9 million Chinese visited the UAE in 2018, according to Dubai Tourism figures, making UnionPay cards an increasingly important tool for payments.
UnionPay cards are currently accepted, online and offline, across the UAE. In 2018, the number of domestically issued UnionPay cards increased nearly 20% year-on-year, the release stated.