Consortium aims to streamline payments

By June this year, the tens of thousands of merchants these firms have individually acquired will form the target base for rolling out a unified quick response, or QR, code payment system.
By June this year, the tens of thousands of merchants these firms have individually acquired will form the target base for rolling out a unified quick response, or QR, code payment system. PHOTO: NETS

A consortium has been formed to streamline payment settlement for merchants accepting cashless QR code payments from more than one service provider.

The consortium comprises payment networks Diners Club, Mastercard, UnionPay International and Wirecard, as well as ez-link card issuer EZ-Link and mobile wallet providers EZi Wallet and Liquid Pay.

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A version of this article appeared in the print edition of The Straits Times on March 13, 2018, with the headline 'Consortium aims to streamline payments'. Print Edition | Subscribe