Great news for tech enthusiasts and savvy shoppers! A new QR code payment agreement is set to revolutionize cross-border transactions between China and Vietnam. On April 15, key financial players including the Industrial and Commercial Bank of China (ICBC), UnionPay International, Vietnam National Payment Corporation (NAPAS), and Vietcombank signed the "Quadrilateral Cooperation Agreement on China-Vietnam QR Code Retail Payment Interoperability." Under the guidance of the People's Bank of China and the State Bank of Vietnam, this pact marks a turning point in local currency settlements and digital finance.
What does this mean for consumers? Simply put, Chinese consumers can now use the UnionPay app or affiliated wallets at merchants in Vietnam that accept VietQR codes, while Vietnamese users can make payments at UnionPay merchants in China using their local VietQR wallets. This streamlined system eliminates tedious currency conversions and offers quicker, safer transactions. 😊
Beyond convenience, the initiative reduces reliance on the US dollar by promoting local currency settlements. It also deepens economic and cultural ties, paving the way for stronger trade, investment, and people-to-people exchanges that bolster regional growth.
In a modern twist to traditional payments—think of it as the ultimate tech remix—this cooperation signals a vibrant future where digital finance bridges borders and inspires innovation. Stay tuned as this exciting chapter unfolds in our increasingly digital world. 🚀
Reference(s):
cgtn.com
