Seven mobile wallets have formed a payments consortium in Singapore, the goal of which is to create an “interoperable” QR payments solution for both merchant and consumer use, it was announced today.

The seven members of the consortium include Diners Club, EZi Wallet, EZ-Link, Liquid Pay, Mastercard, UnionPay International and Wirecard.

The mobile wallets of these providers will all support a payments network which allows consumers to pay via QR code — a popular method of choice for mobile payments in countries like China and Singapore — at supporting “consortium merchants.”

The system is also supported by the API framework LiquidNet, a platform developed by the Liquid Group that will also accept debit, credit, telecom, and international payment apps as well as mobile payments.

The consortium’s purpose was stated in today’s press release as such:

The consortium’s goal is to promote electronic payments in Singapore, in line with the Singapore Payments Roadmap, with the aim of supporting interoperability among 2 million customers and 50,000 merchants in Singapore by the end of the second quarter of 2018.

Read more at Finextra, PRNewswire, and the International Business Times.

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