Hong Leong Bank, UnionPay Partner To Facilitate Cross-border Payments In China
KUALA LUMPUR, Oct 27 (Bernama) -- Hong Leong Bank Bhd’s (HLB) customers can now make QR payments at more than 120 million UnionPay and Weixin Pay merchant touchpoints across China through the HLB Connect application, following a strategic partnership with UnionPay International (UPI).
HLB group managing director and chief executive officer Kevin Lam said the collaboration would provide Malaysian travellers with greater convenience and confidence when making payments overseas, while laying the foundation for wider payment connectivity in other markets.
“At its core, a cross-border payment only works when trust exists on both sides of the transaction; where customers know with certainty that their payment will go through, and merchants know with certainty that they will receive the payment once it is made,” he said at the launch of Ultimate Payment Passport with HLB event here today.
Lam said the partnership leveraged UPI’s international network, including Weixin Pay, to provide customers with access to a wider merchant network directly through the banking application they already use in Malaysia.
He said HLB had conducted testing across various locations in China over the past month to ensure the payment experience worked effectively before the official launch.
The service is also available at participating merchants in Hong Kong, Macau and Thailand, with the bank looking to extend its payment connectivity to more destinations popular with Malaysian travellers.
Meanwhile, HLB managing director of personal financial services Andrew Jong said the service allows customers to make payments directly from their banking accounts without having to top up third-party e-wallets.
Jong said the service offered zero transaction fees, while customers could also draw from their Malaysian ringgit (MYR) wallet in the Pay&Save account.
“The combination of these different types of merchants, segments, and the duality of the consumer- and merchant-presented modes will allow you to access virtually 99.99 per cent of merchants across China,” he said.
He said supporting both consumer-presented and merchant-presented QR payment modes was important because some merchants required customers to scan their QR codes, while others used scanners to read QR codes displayed by customers through their mobile applications.
Jong said HLB customers could also link eligible debit and credit cards to super-apps in China, including Weixin Pay, for payments involving services such as public transportation, food delivery, as well as food and beverage outlets.
He added that the partnership reflected the bank’s efforts to expand its cross-border payment capabilities through digital innovation and collaboration with international payment networks.
In a statement, the bank said the feature complements its existing multi-currency facilities under the HLB Pay&Save Account, allowing customers to lock in favourable exchange rates ahead of their trips and avoid using third-party applications or topping up e-wallets.
HLB said its broader cross-border payment offering also includes direct debit and credit card payments, linking eligible cards to super-apps in China and using supported mobile wallets such as Apple Pay, Google Pay and Samsung Pay.
-- BERNAMA