- Around 10 nations in Asia will benefit from the newly expanded system, which will provide seamless and fast transmission of QR code payments
- Interoperability trials set to begin to ensure that the new framework operates as intended – and is expected to take up to 36 months
- “We are encouraged by the strong support of our partner acquirers who share a common objective to achieve borderless interoperability of QR payments”, said Liquid Group’s founder
A worldwide payment services organisation has revealed that it will take its QR code payment system to 10 new Asian markets.
Liquid Group, which is based in Singapore, will now offer these services in a range of financial hotspots across the continent including Singapore itself as well as Taiwan, Hong Kong and South Korea.
Countries which have large remittance markets are also covered by the expansion.
China, Thailand, Malaysia, Indonesia and more are all present.
The new network will make it much easier for app developers who offer QR payment services to reach sellers and business owners across the continent.
It relies on what was described by Liquid as a “common cross-border interoperability framework”, which means the QR codes can work across countries and facilitate cross border payments.
Once released, customers will be able to select which QR code provider they like, even for international transactions – and will no longer have to think carefully about whether or not that app will be accepted.
The purchases made using this system will be safe and instantaneous.
It could even save consumers cash, as it may lead to them being able to take advantage of cheaper fees and local offers – even when the transaction placed is international.
The next stage of the project will be to trial the interoperability.
This is set to begin in the final quarter of 2019.
Overall, it is due to take up to a year and a half to get the system up and running.
This is all part of a sustained effort by Liquid Group to create a strong infrastructure for international QR payments through the facilitation of strategic alliances.
It has previously worked on a project to enhance seamless QR code payments in two key markets for Singapore – Malaysia and Hong Kong.
According to Jeremy Tan, who is the founder and chief executive officer of Liquid Group, the latest move will “truly advance” the cause of international QR code payments.
“We are encouraged by the strong support of our partner acquirers who share a common objective to achieve borderless interoperability of QR payments”, he said.
“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.”
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