A number of mobile wallets, acquirers and payment networks have formed a consortium to introduce interoperable QR payments in Singapore.
The members of the consortium are Mastercard, UnionPay International, Wirecard, Diners Club, EZi Wallet, EZ-Link, and Liquid Pay.
The mobile wallets of these firms will support an interoperable QR framework, enabling customers to make payments at consortium merchants.
The framework is also supported by LiquidNet, an API platform developed by Liquid Group that will accept debit and credit cards, wallets, telecom providers, payments technology institutions, and local and international payment apps.
The consortium aims to facilitate interoperability among Singapore’s two million customers and 50,000 merchants by the end of the second quarter of this year.
Commenting on the partnership, UnionPay International Southeast Asia general manager Wenhui Yang said: “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.”
The creation of the consortium comes two months after the go-ahead from the Singapore Payments Council for a common Singapore Quick Response Code (SG QR). SG QR will accept electronic payments from domestic and international payment schemes, e-wallets, as well as banks.
Mastercard Singapore country manager Deborah Heng added: “With this partnership, consumers will have more options to make quick, seamless and secure QR code payments via their mobile phones.
“This is part of our commitment to support the nation’s vision to build an open-loop QR code system based on global EMVCo QR standard and grow the adoption of cashless payments in Singapore.”