As Singapore moves towards a cashless society, vendors and service providers are trying their best to penetrate the e-Payment market, especially at heartland shops such as hawker centers, convenience stalls and markets. However, there lacks a single consolidated QR code to cross transact between these providers.
Luckily, with Monetary Authority of Singapore’s direction towards “SGQR”, some service providers have come together and formed a consortium to ensure that their QR Payment services are inter-operable. With the standard, users can simply make QR Payments at a supported SGQR code, with their favorite mobile application.
With such a support from industry, we can really see how QR Payment will take off in Singapore.
Mobile
Wallets, Acquirers and Payment Networks Collaborate to
Wallets, Acquirers and Payment Networks Collaborate to
Enable
Interoperable QR Payments in Singapore for Consumers and Merchants
Interoperable QR Payments in Singapore for Consumers and Merchants
·
Current
consortium includes Diners Club, EZi Wallet, EZ-Link, Liquid Pay, Mastercard, UnionPay
International and Wirecard
Current
consortium includes Diners Club, EZi Wallet, EZ-Link, Liquid Pay, Mastercard, UnionPay
International and Wirecard
·
Consortium
adopts the Singapore Quick Response Code (SG QR) and global EMVCo QR standards
to support payments from local and international debit and credit cards, and
stored value wallets
Consortium
adopts the Singapore Quick Response Code (SG QR) and global EMVCo QR standards
to support payments from local and international debit and credit cards, and
stored value wallets
SINGAPORE,
25 January 2018 – 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.
25 January 2018 – 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.
In line with 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.
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.
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.
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 National Payments Council’s endorsement of the EMVCo
compliant Singapore Quick Response Code (SG-QR) specifications for electronic
payments that will see SG QR being adopted and deployed by payment service
providers in Singapore through 2018[1].
comes on the heels of the National Payments Council’s endorsement of the EMVCo
compliant Singapore Quick Response Code (SG-QR) specifications for electronic
payments that will see SG QR being adopted and deployed by payment service
providers in Singapore through 2018[1].
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.
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 2 million customers
and 50,000 merchants in Singapore by the end of the second quarter of 2018.
promote electronic payments in Singapore, in line with the Singapore Payments
Roadmap, with the aim of supporting interoperability among 2 million customers
and 50,000 merchants in Singapore by the end of the second quarter of 2018.
Diners
Club: James Koh, Executive Director of
Diners Club Singapore, 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
endeavor. 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.”
Club: James Koh, Executive Director of
Diners Club Singapore, 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
endeavor. 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.”
EZi
Wallet: Ian Lee, Founder of EZi Technology,
said: “This initiative will go a long way in easing the confusion faced by
merchants and consumers in adopting QR payments. It also enables local fintech
start-ups like us, to compete and thrive in a supportive eco-system that we
hope will propagate to the rest of the industry. The end goal for us is to
ensure that Singaporeans, whether merchants or consumers, will have a choice of
service providers for QR payments with the least amount of hassle.”
Wallet: Ian Lee, Founder of EZi Technology,
said: “This initiative will go a long way in easing the confusion faced by
merchants and consumers in adopting QR payments. It also enables local fintech
start-ups like us, to compete and thrive in a supportive eco-system that we
hope will propagate to the rest of the industry. The end goal for us is to
ensure that Singaporeans, whether merchants or consumers, will have a choice of
service providers for QR payments with the least amount of hassle.”
EZ-Link:
Nicholas Lee, CEO of EZ-Link, said:
“As a member of the SG QR task force, EZ-Link is committed to expedite the
implementation of a national QR standard to advance Singapore on its cashless
journey. We look forward to working closely with all consortium members to help
both large merchants and small retailers adopt e-payments with greater speed
and convenience, to enhance their business efficiency.”
Nicholas Lee, CEO of EZ-Link, said:
“As a member of the SG QR task force, EZ-Link is committed to expedite the
implementation of a national QR standard to advance Singapore on its cashless
journey. We look forward to working closely with all consortium members to help
both large merchants and small retailers adopt e-payments with greater speed
and convenience, to enhance their business efficiency.”
Liquid
Pay: Jeremy Tan, Founder and CEO of Liquid
Group, 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.”
Pay: Jeremy Tan, Founder and CEO of Liquid
Group, 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.”
Mastercard:
Deborah Heng, Country Manager,
Mastercard Singapore, said: “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. 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.”
Deborah Heng, Country Manager,
Mastercard Singapore, said: “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. 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.”
UnionPay:
Wenhui Yang, General Manager, UnionPay International Southeast Asia, 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.”
Wenhui Yang, General Manager, UnionPay International Southeast Asia, 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:
Jeffry Ho, Regional Managing Director at Wirecard, said: “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.”
Jeffry Ho, Regional Managing Director at Wirecard, said: “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.”
Appendix:
Company Profiles
Company Profiles
About
Diners Club
Diners Club
Established in 1950, Diners Club International became the first
multi-purpose charge card in the world, launching a financial revolution in how
consumers and companies pay for products and services. Today, Diners Club is a
globally-recognized brand serving the payment needs of select and affluent
consumers, offering access to more than 800 airport lounges worldwide, and
providing corporations and small business owners with a complete array of
expense management solutions. With acceptance in more than 185 countries and
territories, millions of merchant locations and access to more than 1 million
cash access locations and ATMs, Diners Club, as a part of the Discover Global
Network, is uniquely qualified to serve its cardmembers all over the world.
Diners Club International is a wholly owned subsidiary of Discover Financial
Services (NYSE: DFS), a direct banking and payment services company with one of
the most recognized brands in U.S. financial services. For more information,
visit www.dinersclub.com.
multi-purpose charge card in the world, launching a financial revolution in how
consumers and companies pay for products and services. Today, Diners Club is a
globally-recognized brand serving the payment needs of select and affluent
consumers, offering access to more than 800 airport lounges worldwide, and
providing corporations and small business owners with a complete array of
expense management solutions. With acceptance in more than 185 countries and
territories, millions of merchant locations and access to more than 1 million
cash access locations and ATMs, Diners Club, as a part of the Discover Global
Network, is uniquely qualified to serve its cardmembers all over the world.
Diners Club International is a wholly owned subsidiary of Discover Financial
Services (NYSE: DFS), a direct banking and payment services company with one of
the most recognized brands in U.S. financial services. For more information,
visit www.dinersclub.com.
About
EZi Technology
EZi Technology
EZi
Technology is a Singapore start-up specialising in digital O2O solutions for
F&B and retail applications. Founded in 2015, EZi’s payment, mobile
ordering, and CRM solutions are deployed at more than 500 outlets across
Singapore, including Singapore’s pioneer Productivity Coffee-shop at Choa Chu
Kang. Our philosophy for creating inclusive solutions drives our commitment to
humanise and make technology EZi for all. Find out more at www.ezi-wallet.com
Technology is a Singapore start-up specialising in digital O2O solutions for
F&B and retail applications. Founded in 2015, EZi’s payment, mobile
ordering, and CRM solutions are deployed at more than 500 outlets across
Singapore, including Singapore’s pioneer Productivity Coffee-shop at Choa Chu
Kang. Our philosophy for creating inclusive solutions drives our commitment to
humanise and make technology EZi for all. Find out more at www.ezi-wallet.com
About
EZ-Link
EZ-Link
EZ-Link’s core business is in the
sale, distribution and management of ez-link cards, as well as the clearing and
settlement of all ez-link card transactions generated in transit and
non-transit (retail/merchant) sectors. To date, more than 17 million new
CEPAS-compliant ez-link cards have been issued. In 2015, EZ-Link unveiled
EZ-Charms, its first non-card form factor. EZ-Link continues to set new
cashless trends with the “My EZ-Link Mobile” application, the world’s first
Near Field Communication (NFC) mobile application for contactless card top-ups;
“EZ-Link NFC SIM”, the first NFC payment service on Singapore’s public transit;
and “EZ-Pay”, Singapore’s first free card-less ERP payment service. In December
2017, EZ-Link launched the new EZ-Link app to enable users to access EZ-Link’s
functionalities and services with ease. For more information, please visit www.ezlink.com.sg
sale, distribution and management of ez-link cards, as well as the clearing and
settlement of all ez-link card transactions generated in transit and
non-transit (retail/merchant) sectors. To date, more than 17 million new
CEPAS-compliant ez-link cards have been issued. In 2015, EZ-Link unveiled
EZ-Charms, its first non-card form factor. EZ-Link continues to set new
cashless trends with the “My EZ-Link Mobile” application, the world’s first
Near Field Communication (NFC) mobile application for contactless card top-ups;
“EZ-Link NFC SIM”, the first NFC payment service on Singapore’s public transit;
and “EZ-Pay”, Singapore’s first free card-less ERP payment service. In December
2017, EZ-Link launched the new EZ-Link app to enable users to access EZ-Link’s
functionalities and services with ease. For more information, please visit www.ezlink.com.sg
About Liquid
Group
Group
Liquid Group is a payments
technology company that operates Liquid Pay, an integrated mobile payment app
that utilizes QR code for payment and delivers hyper-personalized offers from
merchants to customers based on consumer payment activity.
technology company that operates Liquid Pay, an integrated mobile payment app
that utilizes QR code for payment and delivers hyper-personalized offers from
merchants to customers based on consumer payment activity.
Liquid Group provides merchants
with tools to drive customer acquisition and improve their marketing reach, and
works with financial institutions and telecommunications organizations to
enhance their mobile payment capabilities.
with tools to drive customer acquisition and improve their marketing reach, and
works with financial institutions and telecommunications organizations to
enhance their mobile payment capabilities.
Founded in 2015, and
headquartered in Singapore, Liquid Group is a subsidiary of Korvac Holdings Pte
Ltd., an investment holding and management company specializing in payments
technology.
headquartered in Singapore, Liquid Group is a subsidiary of Korvac Holdings Pte
Ltd., an investment holding and management company specializing in payments
technology.
About
Mastercard
Mastercard
Mastercard (NYSE: MA),
www.mastercard.com, is a technology company in the global payments industry. We
operate the world’s fastest payments processing network, connecting consumers,
financial institutions, merchants, governments and businesses in more than 210
countries and territories. Mastercard’s products and solutions make everyday
commerce activities – such as shopping, traveling, running a business and
managing finances – easier, more secure and more efficient for everyone. Follow
us on Twitter @MastercardAP and @MastercardNews, join the discussion on the
Beyond the Transaction Blog and subscribe for the latest news on the Engagement
Bureau.
www.mastercard.com, is a technology company in the global payments industry. We
operate the world’s fastest payments processing network, connecting consumers,
financial institutions, merchants, governments and businesses in more than 210
countries and territories. Mastercard’s products and solutions make everyday
commerce activities – such as shopping, traveling, running a business and
managing finances – easier, more secure and more efficient for everyone. Follow
us on Twitter @MastercardAP and @MastercardNews, join the discussion on the
Beyond the Transaction Blog and subscribe for the latest news on the Engagement
Bureau.
About UnionPay International
UnionPay
International (UPI) focuses on the international business of UnionPay, a global
payment network that serves the world’s largest Cardholder base. With over 6.3
billion UnionPay cards issued globally, over 45 million merchants and 2.55
million ATMs accepting our cards worldwide, UnionPay is currently one of the
fastest-growing payment networks in the world.
International (UPI) focuses on the international business of UnionPay, a global
payment network that serves the world’s largest Cardholder base. With over 6.3
billion UnionPay cards issued globally, over 45 million merchants and 2.55
million ATMs accepting our cards worldwide, UnionPay is currently one of the
fastest-growing payment networks in the world.
In
November 2017, UnionPay International signed an MOU with AsiaMalls to deploy QR
Code for payments at merchants across six malls managed by AsiaMalls, the first
international payment brand to embark on a large-scale roll-out of QR Code
payments with a mall management partner.
November 2017, UnionPay International signed an MOU with AsiaMalls to deploy QR
Code for payments at merchants across six malls managed by AsiaMalls, the first
international payment brand to embark on a large-scale roll-out of QR Code
payments with a mall management partner.
In
Southeast Asia, UnionPay has enabled ATM, POS acceptance and card issuance
across all 10 countries. In Singapore, UPI partners Bank of China, DBS Bank, ICBC
and UOB to provide a wide array of payment products and services. For more
information, visit www.unionpayintl.com.
Southeast Asia, UnionPay has enabled ATM, POS acceptance and card issuance
across all 10 countries. In Singapore, UPI partners Bank of China, DBS Bank, ICBC
and UOB to provide a wide array of payment products and services. For more
information, visit www.unionpayintl.com.
About
Wirecard
Wirecard
Wirecard AG is a global
technology group that supports companies in accepting electronic payments from
all sales channels. As a leading independent supplier, the Wirecard Group
offers outsourcing and white label solutions for electronic payments. A global
platform bundles international payment acceptances and methods with
supplementary fraud prevention solutions. With regard to issuing own payment
instruments in the form of cards or mobile payment solutions, the Wirecard
Group provides companies with an end-to-end infrastructure, including the
requisite licences for card and account products. Wirecard AG is listed on the
Frankfurt Securities Exchange (TecDAX, ISIN DE0007472060, WDI). For further
information about Wirecard, please visit www.wirecard.com or follow us on
Twitter @wirecard.
technology group that supports companies in accepting electronic payments from
all sales channels. As a leading independent supplier, the Wirecard Group
offers outsourcing and white label solutions for electronic payments. A global
platform bundles international payment acceptances and methods with
supplementary fraud prevention solutions. With regard to issuing own payment
instruments in the form of cards or mobile payment solutions, the Wirecard
Group provides companies with an end-to-end infrastructure, including the
requisite licences for card and account products. Wirecard AG is listed on the
Frankfurt Securities Exchange (TecDAX, ISIN DE0007472060, WDI). For further
information about Wirecard, please visit www.wirecard.com or follow us on
Twitter @wirecard.
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