Liquid Group on Thursday announced a strategic partnership with E.SUN Bank to enable cross-border payment acceptance in Singapore and Taiwan.
With the opening of the Singapore – Taiwan corridor for payments, customers of Liquid Group’s partners will be able to pay for their purchases using their respective payment apps at participating merchants in Taiwan. Likewise, customers of E.SUN Bank will be able to make payments using their mobile payment services at participating merchants in Singapore, both institutions said on Thursday.
«We are delighted to be making rapid progress in driving the borderless interoperability of QR payments across the region. For many digitally-savvy Singaporeans and Taiwanese travelers, the ease and convenience of traveling cash-light with their e-wallets will make them feel right at home. Furthermore, we look forward to making the interoperability of the QR payment apps on our network multi-lateral, in support of growing intra-regional travel,» said Jeremy Tan, Founder and Chief Executive Officer of Liquid Group.
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The rollout of Liquid Group’s cross-border interoperability framework will take place in phases, allowing its partner acquirers to extend their accepted payment modes to multiple participating QR payment apps from overseas issuers. Following Hong Kong and Indonesia, Taiwan is the latest market activated for interoperability trials across Liquid Group’s cross-border QR payment network.
As Taiwan’s leading bank in digital banking, E.SUN Bank has a vast network of merchants including convenience stores and its popular night markets favoured by tourists, which traditionally only accept cash payments.
Convenience for Travelers
Consumers traveling between Singapore and Taiwan can enjoy a seamless cross-border payment journey, greater convenience, and enhanced security while using their preferred domestic apps for their cashless payments. Real-time notifications on payment statuses and the availability of online transaction history also provide an additional layer of security for every payment transaction.
The partnership would mean that travelers across the 10 markets in Liquid Group's network could make payment using their preferred domestic QR payment apps in any of these markets, Tan added.
Expands International Pool
This partnership will also expand the international merchant pool of Liquid Group and its partners and E.SUN Bank as well as offer the participating merchants an opportunity to cater to an emerging digital-savvy customer base who prefer to travel cash-light with their e-wallets.
Liquid Group will also work with E.SUN Bank to provide additional value-added services to help its partners deliver innovative services to their customers. The integrated payments and marketing infrastructure can enable merchants in Singapore and Taiwan to launch multiple marketing campaigns with participating payment apps without the need for additional cashier training or verification during checkout.
