Visa, a global pioneer in digital payments, has announced a groundbreaking collaboration with several QR payment providers to revolutionize cross-border transactions across the Asia Pacific region. By teaming up with crucial payment platforms in countries such as China, Malaysia, Singapore, Taiwan, and Vietnam, Visa aims to enable travellers to use their native QR payment apps seamlessly and securely at international points of sale. This initiative marks a significant milestone in enhancing convenience and connectivity for consumers across one of the world’s most digitally progressive regions.
The pilot phase of this project is set to launch in Singapore, with a broader regional rollout anticipated over the coming year. Leveraging its vast network infrastructure, Visa empowers users to access a global payment experience through familiar, everyday digital wallets. With this expansion, Visa strengthens its mission to create a unified and user-friendly digital payment landscape for Asia Pacific’s increasingly mobile population.
A Seamless Travel Payment Experience
Visa’s innovative approach allows consumers to make payments through QR-enabled merchants, whether at home or abroad, using their everyday digital wallets. Collaborating with payment providers such as Lakala in China, Touch ‘n Go Digital in Malaysia, FOMO Pay in Singapore, LINE Pay in Taiwan, and VNPay and Zalopay in Vietnam, Visa facilitates an interoperable and standardized QR payment solution that transcends national borders. By partnering with Juspay, a payments technology company, Visa provides the underlying technical infrastructure that enables these transactions, ensuring compatibility and reliability across diverse QR platforms.
This approach aims to enhance the user experience, allowing consumers accustomed to QR payments to enjoy the same ease and security of transactions while travelling internationally. “These partnerships represent a significant leap forward for the payments ecosystem in Asia Pacific,” stated T.R. Ramachandran, Senior Vice President and Head of Products and Solutions for Visa 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.”
Benefits for Merchants and Small Businesses
The expansion of QR payments doesn’t just cater to consumers—it also holds significant advantages for merchants and tiny and medium-sized enterprises (SMEs) that rely on cost-effective solutions. By integrating QR payments into the Visa network, merchants gain access to a broader consumer base, allowing them to serve both local and international customers effortlessly. The ability to accept QR payments from various digital wallets simplifies operations and reduces transaction costs, fostering financial inclusion and growth for small businesses.
The Visa Consumer Payment Attitudes Study[1] reveals that while card payments are still the leading payment preference (34%) among Southeast Asian consumers, QR payments using digital wallets follow closely as the second most popular option, capturing 26% of the market. This increasing preference for QR payments underscores the need for Visa’s expansion initiative, as it aligns with evolving consumer behaviour and the digital transformation of payments.
Promoting Financial Inclusion and Connectivity
Visa’s cross-border QR initiative represents a significant step towards a more connected and inclusive payment ecosystem across the Asia Pacific. “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.”
A New Era for Cross-Border Payments in Asia Pacific
Visa’s commitment to enhancing QR payment interoperability in Asia Pacific showcases its vision of fostering a globally interconnected payment system. This initiative is expected to fuel cross-border commerce, cater to the region’s growing mobile-first population, and set a new standard for consumer convenience. By enabling secure, low-cost, and accessible payment options for consumers and businesses, Visa is positioning itself at the forefront of a digital payments revolution that aligns with the evolving landscape of global transactions.
Written by: Soo James
