Liquid Group has announced roamQR, the next phase of SGQR+, an innovative QR payment switch solution designed to enhance interoperability among local and international e-wallets, mobile payment apps, merchant acquirers, and national QR networks.
This followed the successful launch of the SGQR+ proof of concept (POC) by the Monetary Authority of Singapore (MAS) in November 2023, and the latest phase will further improve experiences for both consumers and merchants across eleven international markets.
In Q1 2025, Liquid Group will expand its domestic and international rollout to key markets including in Cambodia, Japan, China, Hong Kong, Korea, Brazil, the Philippines, Vietnam, Malaysia, Australia, and India. This collaborative effort is expected to connect approximately 50,000 merchants in Singapore and over 50 million merchants globally, with significant growth anticipated.
Transforming QR Payments With roamQR
roamQR was developed in collaboration with key industry partners and aims to streamline QR payment acceptance in Singapore and across Asia-Pacific markets and beyond. The interoperable switch supports both e-money "push" transactions and card scheme-linked "pull" QR payments, facilitating seamless interactions between various merchant acquirers and issuers.
The launch of roamQR builds on the successful proof of concept established under the SGQR+ initiative, demonstrating the potential for QR payments to expand across multiple platforms.
Liquid Group plans to launch this initiative in Singapore in Q4 2024, with prominent partners including Changi Pay, DCS Card Centre, eft Payments (Asia) Limited, FavePay, GLN, Google Pay, MariBank, Pyng, ShopeePay, WeChat, and others.
By facilitating connections for issuers, national QR networks, and acquirers worldwide, roamQR is poised to become a cornerstone of the interoperable QR payment network.
Jeremy Tan, CEO of Liquid Group, said:
The launch of roamQR emphasises the critical importance of interoperability in today’s QR payment landscape. By serving as a switch, we are enabling connections among various e-wallets, merchant acquirers, and national networks, allowing anyone to participate and be recognized within the network. This many-to-many approach fosters competition, driving improvements and innovation that benefit both consumers and merchants. Coming together with industry players, we are stronger, and our collective efforts will enhance services and create a more vibrant payment ecosystem for all.
Ken Kim, CEO at GLN, said, “At GLN, we are dedicated to enhancing financial inclusivity through cross-border digital payments. Our partnership with Liquid Group on roamQR is an exciting step toward offering a seamless, interoperable QR payment service that benefits both tourists and local merchants across the Asia-Pacific region. We’re thrilled to build bridges across markets and make QR payments universally accessible and inclusive.”
Natalia Goh, CEO of MariBank, said, "As a homegrown digital bank, we are excited to collaborate with Liquid Group on the roamQR initiative. This initiative enables us to broaden the diverse and seamless payment experience our customers already enjoy and meaningfully contribute to Singapore’s efforts to shape the financial ecosystem of the future."
Varun Varma, Head of Strategy and Corporate Development at Pine Labs, said, “We are keen supporters of both interoperability and cross-border acceptance at the point of checkout. This is in line with our aim of making payments seamless for merchants and consumers. We look forward to exploring how Liquid Group's roamQR will help us further this aim.”
Interoperability Benefits All Stakeholders
For Acquirers and Merchants
- Expanded Acceptance Base: Acquirers and national networks can offer their merchants a wider customer base.
- Ease of Merchant Training and Operations: Merchants no longer need to train staff on handling multiple QR codes for different wallets. All QR codes connected to the switch can be recognized within the roamQR network.
For E-Wallet and Payment App Issuers
- Broader Merchant Access: roamQR enables issuers and national networks to access all merchants within the roamQR network without needing individual integrations with each acquirer or national network.
- Rewards for QR Payments: Customers can enjoy incentives from their preferred e-wallets while making payments across the roamQR network.
- Simplified Customer Experience: Consumers using participating e-wallets and payment apps will only need to look for the roamQR partner logos displayed at merchants.
Commitment to Security
The roamQR platform adheres to industry-leading security standards, employing advanced encryption and authentication protocols. It is PCI DSS and ISO 27001 certified, ensuring secure transactions for all users.
Launch Event at Singapore FinTech Festival (SFF)
To learn more about roamQR and how it can benefit your business, we encourage you to join the SGQR+ launch presentation hosted by MAS on November 7 from 3 PM to 4 PM at the Technology Stage in Hall 3. Liquid Group’s CEO, Jeremy Tan, will share insights about the roamQR solution and facilitate a panel discussion featuring representatives from Google Pay, MariBank, and eftPay.
Liquid Group’s booth is #3L29 at the Singapore Fintech Festival which runs from November 6 to 8 2024.
This press release was supplied.