Interoperable QR payments in Singapore for consumers and merchants
By Digital News Asia January 26, 2018
- Consortium adopts the Singapore Quick Response Code (SG QR) to support payments
- Mobile wallets, acquirers can choose to be supplemented by LiquidNet
SEVEN mobile wallets, acquirers and payment networks, including Diners Club, EZi Wallet, EZ-Link, Liquid Pay, Mastercard, UnionPay International and Wirecard, have formed a consortium to enable interoperable QR payments in Singapore for consumers and merchants.
Diners Club Singapore executive director James Koh said: “We view this collaboration as an important development in speeding up the ubiquitous adoption of the cashless payment landscape in Singapore. Diners Club, being one of the largest merchant acquirers in Singapore, is well positioned to significantly contribute to this national endeavour.
“We are confident that this platform will enhance the interoperability and increase the scale of adoption by users and merchants, both being critical success factors necessary for speedy implementation of a cashless payment ecosystem.”
In line with Singapore Quick Response Code (SG QR), the consortium will jointly support an interoperable QR framework that allows customers the ease and convenience of paying with their mobile wallets and cards at consortium merchants.
Apart from bilateral arrangements, mobile wallets and acquirers can choose to be supplemented by LiquidNet, an interoperable API platform developed by Liquid Group that is open to debit and credit cards, wallets, telecom providers, payments technology institutions as well as local and international payment apps.
Liquid Group founder and CEO Jeremy Tan said: “The launch of LiquidNet is an important milestone in building a payments ecosystem in Singapore that is open, inclusive and integrated.
“Liquid Group has always viewed interoperability and universal acceptance as a critical component in cultivating a cashless society, and we are delighted to bring Singapore one step closer to achieving this goal in collaboration with our partners.”
Mobile payment will also be made easier for participating merchants, as they will be able to accept consortium QR payments on a single merchant system, creating inclusiveness and effectively streamlining merchant on-boarding and support.
This initiative by the consortium comes on the heels of the Payments Council’s endorsement of the EMVCo compliant SG QR specifications for electronic payments that will see SG QR being adopted and deployed by payment service providers in Singapore through 2018.
SG QR payments via local and international credit cards, debit cards and stored value wallets will be supported, ensuring a seamless and streamlined e-payment experience for both consumers and merchants.
The consortium’s goal is to promote electronic payments in Singapore, in line with the Singapore Payments Roadmap, with the aim of supporting interoperability among two million customers and 50,000 merchants in Singapore by the end of the second quarter of 2018.
UnionPay International Southeast Asia general manager Wenhui Yang, said: “UnionPay serves the world’s largest cardholder base of over 6.3 billion. We strive to provide our customers with greater convenience and enhance their payment experience, regardless of whether they are transacting locally or across borders. This industry partnership will pave the way for us to collectively enable widespread acceptance and usage of QR Code payments at merchants all across Singapore.
“As a simpler, easy-to-use form of cashless payment that can be supported by almost any mobile device with a camera feature, QR Code payments will also be a key catalyst in UnionPay’s drive to help Singapore realise its vision of becoming a truly cashless society.”
Wirecard regional managing director Jeffry Ho concluded by saying, “We are looking forward to working within the new consortium, which will boost mobile payments in Singapore even more.
“Especially QR code payments are becoming mainstream in many parts of Singapore, as more people are getting familiar with the concept of paying for goods and services by generating and scanning QR codes. We at Wirecard are enabling all participating merchants to accept these digital payments as fast and secure as possible.”