QR code payment-mobile payment-cashless-wordwide-Singapore-EMVCO

New mark to promote acceptance & interoperability of QR code payment

(Photo credit: EMVCo)

EMVCo, the facilitator of worldwide interoperability and acceptance of secure payment transactions, has created a QR payment Mark to promote global interoperability across EMV QR code payments.

QR code payment have been increasingly popular as many countries push to become cashless, as QR code payment is convenient and secure, as well as being fast and efficient for users. This have caused many payment providers to hop into QR code mobile payment, causing stores to have many QR code displayed on their cashier. Thus, many countries had started to impose regulations on QR code payment, such as China, which restrict QR code payment to be below 500 yuan.

A Retail store in China with many QR code payment. (Photo credit: Nikkei)

Thus, to addresses the consumer and merchant usage of QR code for mobile payment, EMVCo has created a guideline, EMV® QR Code Specifications, in July last year.

The QR payment mark will further help consumers identify merchants that accept EMV integrated QR code payment. This royalty-free trademark license agreement and reproduction requirements are available for all service providers and payment providers in EMVCo’s Trademark Centre.The QR payment mark will also be a consumer mobile device application indicator when initiating a consumer-presented transaction.

SG QR is one of the EMVCo endorsed QR code payment, which will allow a common QR code to be accepted by local and international mobile payment solutions. On board SG QR includes WeChat Pay, Singtel Dash, Alipay, NETS, and many more, including local banks and payment platforms like Visa, Mastercard and UnionPay. Being an one-stop QR code payment solution, FOMO Pay is also a member of the SG QR taskforce to help promote QR code payment and transform Singapore into a cashless society, inline with Singapore’s vision to becoming a smart nation.

About FOMO Pay

FOMO Pay provides one-stop QRCode Payment Solution which enables merchants to accept a full suite of new payment methods including WeChat Pay, NETSPay, mVISA, Grab Pay, Baidu Wallet, Best Pay, etc. Launched in 2016 with more than 1000 merchants acquired within a year, FOMO Pay is trusted by major companies including SPH, Marina Bay Sands, StarHub, JUMBO, Club 21, CHANEL, etc. With FOMO Pay, merchants can unlock true business potential by giving customers the payment options they prefer and adopt cashless payment easily. FOMO Pay is also sitting in MAS SGQR Taskforce to promote QR code payment and make Singapore a cashless society.