Singapore’s Liquid Group has moved to enable cross-border QR payments across 10 key Asian markets.
The payment services group has expanded its cross-border QR payment acceptance partnerships to include acquirers from the new markets.
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The partner acquirers will be from Singapore, mainland China, Malaysia, Indonesia, Thailand, Cambodia, Philippines, Hong Kong, Taiwan, and South Korea. According to the company, these markets have a combined merchant base of six million.
Liquid Group will enable partner acquirers to accept multiple participating QR payment apps from overseas issuers by adopting a common interoperability framework.
The move will support cross-border QR usage and acceptance for payments. It also provides the participating QR payment apps with access to an international merchant pool.
Interoperability trials with six markets are slated to begin in the fourth quarter of this year. In the remaining markets, the trials will commence from next year.
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By GlobalDataLiquid Group founder and CEO Jeremy Tan said: “We are encouraged by the strong support of our partner acquirers who share a common objective to achieve borderless interoperability of QR payments.
“By establishing a partnership across 10 markets together, we will become the first in the world to truly advance open cross-border QR payments and spearhead the creation of a more connected and robust mobile payment ecosystem for all.”
In June, Liquid Group partnered BANK CIMB Niaga to support cross-border QR payments between Singapore and Indonesia.
The company entered into a similar agreement with Joint Electronic Teller Services (JETCO) in May to facilitate cross-border QR payments between Singapore and Hong Kong.
