CFA Society Singapore
SINGAPORE (Jan 25): A consortium of seven mobile wallets, acquirers and payment networks has been formed to enable interoperable quick response (QR) payments in Singapore for both consumers and merchants.
The consortium aims to jointly support an interoperable QR framework that allows consumers to pay with their mobile wallets and cards at participating merchants on a single merchant system.
It also targets to support interoperability among 2 million customers and 50,000 merchants in Singapore by end-2Q18.
Its members comprise:
1. Diners Club Singapore, one of the largest merchant acquirers in Singapore;
2. EZi Wallet, operated by Singapore start-up EZi Technology, which specialises in digital solutions for F&B and retail applications;
3. EZ-Link, whose core business is in the sale, distribution and management of ez-link cards in Singapore;
4. Liquid Pay, an integrated mobile payment app that utilises QR codes for payment
5. Mastercard, the technology company in the global payments industry;
6. UnionPay International; which focuses on the international business of global payment network UnionPay; and
7. Wirecard, a technology group that supports companies in accepting electronic payments from all sales channels
According to a Thursday press release issued by Liquid Group, the company that operates Liquid Pay, the proposed QR framework is in line with the Singapore Quick Response Code (SG QR) to support payments from local and international debit and credit cards as well as stored value wallets.
Mobile wallets and acquirers can also 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 adds that its single merchant system will create inclusiveness for participating merchants, effectively streamlining merchant on-boarding and support – while the provision of SG QR payment functions will ensure a seamless and streamlined experience for both consumers and merchants.
Nicholas Lee, CEO of EZ-Link, views the partnership as an opportunity to help both large merchants and small retailers alike adopt e-payments with greater speed and convenience to enhance their business efficiencies.
“This collaboration will be significant in driving acceptance amongst consumers and merchants. With this partnership, consumers will have more options to make quick, seamless and secure QR code payments via their mobile phones,” adds Deborah Heng, Country Manager, Mastercard Singapore.