Visa collaborates with QR payment providers to enable cross border transactions

The pilot programme will begin in Singapore, with more to be rolled out across the region in the coming year.

Visa introduces a new compelling payment method to consumers at Singapore Fintech Festival 2024. Photo: Visa

These collaborations were unveiled at the Singapore Fintech Festival which will be running from November 6-8.

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 China, Touch 'n Go Digital in Malaysia, FOMO Pay in Singapore, LINE Pay in Taiwan, and VNPay and Zalopay in Vietnam will become Visa’s QR connectors, enabling their QR merchant networks to accept Visa payments.

Visa's booth at Singapore Fintech Festival 2024. Photo: Visa

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.

T.R. Ramachandran, senior vice president, head of products and solutions for Asia-Pacific, noted that these partnerships represent a significant leap forward for the payments ecosystem in the Asia Pacific region.

“Consumers accustomed to QR payments at home can now enjoy the same seamless and secure payment experience abroad. Visa aims to provide a consistent user experience across QR types and geographies, which can lead to higher adoption rates among consumers,” said Ramachandran.

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 2024 conducted in November 2023, which engaged 6,550 consumers across Southeast Asia aged 18-65, while card payments continue to be the preferred mode of payment among Southeast Asian consumers (34 per cent), QR payments using digital wallets are growing and are the second most preferred mode of payment (26 per cent).

“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.”

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