Mobile wallet providers, acquirers and payment networks have formed a consortium to facilitate interoperable QR payments in Singapore for consumers and merchants.
The seven firms involved in the consortium are: Diners Club, EZi Wallet, EZ-Link, Liquid Pay, Mastercard, UnionPay International and Wirecard.
In line with SG QR, the nationwide QR framework, 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 can facilitate payments made via debit and credit cards, wallets, telecom providers, payments technology institutions as well as local and international payment apps.
The consortium will also aim to make mobile payments easier for participating merchants, as they will be able to accept consortium QR payments on a single merchant system.
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.
First published in FinTech Innovation