(Photo Credit: The Edge Singapore)
UnionPay International (UPI) had partnered LiquidPay, both members of SG QR taskforce, to allow UPI mobile payment app users to make payment at LiquidPay group of merchants. The partnership will see the 2 parties piloting the service at hawker centres currently already on the LiquidPay app,such as Maxwell Food Centre, Amoy Street Food Centre and Bedok 85 Market. Other LiquidPay’s merchants will also be onboard by 3rd quarter this year.
It is estimated that this partnership will help UnionPay increase their Singapore mobile payment points by more than 1000 merchants.
It is not the first time UnionPay had form strategic partnerships in Asia, earlier in November 2017, UnionPay had already signed an MOU with AsiaMall to allow its QR code payment to be accepted by all merchant after it also ran a pilot programme to trial QR code payment in Singapore. The trial was implemented at all BreadTalk outlets, as well as several Bath & Body Works and Victoria’s Secret outlets in May 2017.
UnionPay had also partnered with Visa and Mastercard, in May last year, to launch a common QR code standard for payment in Thailand. As well as rolling out its QR code payment at Soi La Lai Sap Market in Silom, Bangkok.
UnionPay contribution to QR code payment in Singapore
UnionPay is part of the EMVCo Global Workgroup, which develops the international standard for QR code payment, and is a member of SGQR taskforce – the industry workgroup set up to develop a common QR code for payment in Singapore.
The SGQR taskforce is co-led by the Monetary Authority of Singapore, Info-communications Media Development Authority and several stakeholders such as banks, payment schemes, QR payment service providers and relevant government agencies. The taskforce will set out standardised SGQR specifications to accept both domestic and international payment schemes and consider the governance structure and implementation strategy for QR payment. It was formed in conjunction to Singapore’s plan on becoming a smart nation by going cashless.