As China continues its efforts to establish itself as a global leader in cross-border payments, the Chinese government has launched initiatives with Vietnam and Indonesia to facilitate QR code transactions between the two countries.
UnionPay International (UPI), China’s state-owned financial services corporation, collaborated with the National Payment Corporation of Vietnam (NAPAS) and Indonesia’s national payment institutions. The aim is to enable Chinese consumers to make payments in foreign countries while strengthening economic, trade, and cultural ties.
By the end of this year, over 30,000 merchants in Vietnam are anticipated to be equipped for QR code transactions,
according to NAPAS
. The organization intends to expand participation to all member institutions, including banks, payment providers, and major local digital wallets in 2026.
The Emergence of QR Codes
QR codes have grown increasingly significant throughout Southeast Asia as countries develop their digital financial infrastructures. The
e-Conomy SEA 2025 report from Bain & Company
reveals that all ten ASEAN member states now operate national QR payment systems, with eight enabling cross-border interoperability.
The pilot project in Indonesia, guided by both nations’ central banks, also leverages QR codes. This initiative connects local switching networks and payment service providers within each country.
Detaching from the Dollar
Similarly, these initiatives aim to reduce reliance on the U.S. dollar for cross-border transactions—a key objective that spurred the creation of CIPS, a system enabling foreign businesses to pay Chinese suppliers in yuan.
Earlier this week, CIPS reported that South Africa’s Standard Bank became the first African institution to join the network,
emphasizing
that the new system will aid African businesses importing Chinese materials by minimizing their exposure to dollar exchange rate volatility.
Established more than a decade ago as a yuan-based settlement and clearing platform, CIPS is overseen by China’s central bank and operated by private company CIPS Co. Ltd., positioning itself as an alternative to the dominant Swift payments system.