PayME partners with Liquid Group to expand cross-border payment network
The PayMe system went live for retailers to begin accepting payments from the public on Thursday. Photo: SCMP Handout
The partnership is expected to enable merchants from PayME's extensive network in Vietnam to accept multiple QR payment apps from Liquid Group and its issuer partners across the region, the group said in a statement.
Beside accepting contactless QR payment in stores, PayME's merchants with e-commerce platform can also enable online QR payment solutions to accelerate growth of online retail.
In 2019, PayME was one of the licensed organisations to provide intermediary payment services such as cash collection and payment services, electronic money transfer and e-wallet services by the State Bank of Vietnam.
Through this partnership, customers of Liquid Group and its issuer partners will be able to use their preferred payment apps and e-wallets for their local and overseas QR payment transactions with merchants from PayME's extensive network in Vietnam, starting with cities like Ho Chi Minh, Ha Noi, Danang, Nha Trang.
With the strong development of mobile payments and e-commerce in Vietnam, PayME merchants will be able to accept cross-border merchant- and consumer-present QR code payment transactions, as well as online QR payments for merchants with e-commerce presence using Liquid Group's XNAP Network.
During and post COVID-19, society is entering a new normal now as user and merchant behaviour have changed and this has accelerated the use of contactless payments.
PayME sees the long-term benefits for their merchants addressing not only the convenience of contactless payments, but also being socially responsible on publicly shared devices where their merchants can make it safer and cleaner for their customers to pay by having more control over physical proximity.
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Reuters | Jessica Jaganathan