CHINA's UnionPay International and the National Payment Corporation of Vietnam (NAPAS) have signed an agreement to deepen collaboration on cross-border payments through QR codes, reports Caixin.A QR code is a type of two-dimensional matrix barcode, invented in 1994, by Japanese company Denso Wave for labelling automobile parts. It features black squares on a white background.

This allows digital wallets of local users to operate on each other's payment networks, making life more convenient for tourists and businesses.

The agreement implements a memorandum of understanding between the two countries' central banks.

The cross-border partnership between UnionPay and NAPAS signifies not only a commercial alliance, but a national-level integration, aligning with central bank frameworks for better regulatory oversight, an executive at UnionPay told Caixin.

Dong Junfeng, UnionPay International's chairman, said the company had been actively driving interoperability with payment networks in international markets to build an open and inclusive ecosystem. This partnership model had been widely implemented in ASEAN countries, he said.