Visa will provide a range of digital wallets to help Asia-Pacific QR code payment providers to accept these payment methods to scan and pay at the point-of-sale.
The global payments leader will enable consumers to use their preferred payment apps to scan and pay at QR code merchants, whether at home or abroad through several digital wallet providers.
Some of these APAC-based digital wallet providers include Touch ‘n Go Digital in Malaysia, FOMO Pay in Singapore, LINE Pay in Taiwan, VNPay and Zalopay in Vietnam, with all becoming accessible through Visa QR connectors.
The Visa QR connector is available for merchants to accept Visa payments via digital apps for contactless QR code payments. Visa will provide the technical capabilities by working with payment technology company Juspay.
The merchant benefits of QR code payments provides lower attached costs as it simplifies the transaction process, with small businesses benefiting in particular due to being able to expand their reach as the APAC region continues to grow its usage and accessibility with this payment method.
The pilot program will begin in Singapore, with more to be rolled out across the APAC region in the coming year.
T.R. Ramachandran, SVP of Head of Products and Solutions, APAC Visa, said: “These partnerships represent a significant leap forward for the payments ecosystem in Asia Pacific.
“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.”
As Ramachandran previously mentioned, the APAC region is now becoming a global leader when it comes to QR code payment adoption.
Visa research found that QR code payments using digital wallets have quickly become the second most preferred payment method amongst Southeast Asia customers.
“As international commerce continues to evolve, we remain committed to building a more connected and inclusive payments ecosystem across Asia Pacific,” added Ramachandran.
“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.
“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.”
