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SINGAPORE, Nov. 6, 2024 /PRNewswire/ -- Visa, a global leader in digital payments, today announced collaborations with QR payment providers to allow consumers to use their digital wallets to scan and pay at point-of-sale QR when they travel abroad. The pilot program will begin in Singapore, with more to be rolled out across the region in the coming year.
Utilising its network expertise, Visa will enable consumers to use their everyday payment apps to scan and pay at QR merchants whether at home or abroad. Lakala in Mainland China, Touch 'n Go Digital in Malaysia, FOMO Pay in Singapore, LINE Pay in Taiwan, VNPay and Zalopay in Vietnam will become Visa's QR connectors, enabling their QR merchant networks to accept Visa payments. Users from participating digital apps can then scan these QR codes and pay seamlessly and securely. Visa provides technical capabilities to QR payment providers by working with payments technology company Juspay.
"These partnerships represent a significant leap forward for the payments ecosystem in Asia Pacific," said T.R. Ramachandran, Senior Vice President, Head of Products and Solutions, Asia Pacific, Visa. "Consumers accustomed to QR payments at home can now enjoy the same seamless and secure payment experience abroad. Visa aims to provide a consistent and superior user experience across QR types and geographies, which can lead to higher adoption rates among consumers."
At the same time, expanding QR payments can benefit merchants by lowering their costs while simplifying their operations. Small and medium businesses can expand their reach and serve more domestic and international consumers.
QR payments adoption is increasing across the region. Based on Visa Consumer Payment Attitudes Study[1], while card payments continue to be the preferred mode of payment (34%) amongst Southeast Asian consumers, QR payments using digital wallets is coming strong and is the second most preferred mode of payment (26%).
"As international commerce continues to evolve, we remain committed to building a more connected and inclusive payments ecosystem across Asia Pacific. We have a game-changer here as we are also bringing financial inclusion by enabling lower-cost QR payments into the traditional cards network, while giving consumers and merchants more choice," added Ramachandran. "Visa can remove barriers and connect with more partners, and we are excited about the opportunities ahead that can truly uplift everyone, everywhere, by being the best way to pay and be paid."
About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
[1] Visa Consumer Payment Attitudes study 2024 was conducted in November 2023 on 6,550 consumers across Southeast Asia aged18-65 years old. The study aims to uncover insights on current payment behaviours, sentiments around new payment trends. |