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AsiaMalls Management and UnionPay International have inked a memorandum of understanding (MoU) to roll out acceptance of UnionPay QR Code payments across all six malls managed by AsiaMalls in Singapore from 2018.
It is the first large-scale partnership between a global payment brand and a mall manager to deploy QR Code payments across Singapore malls.
UnionPay International is a member of the Singapore Quick Response (SGQR) taskforce led by Monetary Authority of Singapore (MAS) and Media Development Authority (IMDA) that is developing a common, interoperable QR Code to speed up the adoption of mobile payments locally.
The initiative will tap into the existing payment infrastructure of AMperkz, which is AsiaMalls’ rewards programme.
Compatible with SGQR and compliant with EMVCo standards, UnionPay QR Code payments allow merchant discounts as well as payment transactions to be processed through a single scan of the consumer-presented QR Code. It will also enable shoppers without NFC-enabled smartphones to make contactless mobile payments.
Malls that will accept such payments are Liang Court, Hougang Mall, Tampines 1, Tiong Bahru Plaza, White Sands and Century Square.
“With the nation’s move towards a cashless society, we saw the opportunity for AsiaMalls to anticipate our shopper’s wants and expectations, and to provide them with all the conveniences possible, by equipping our merchants with the ability to accept UnionPay’s QR Code payment option,” said AsiaMalls Management managing director Tan Kee Yong.
“This would allow the stores to expand their clientele base, and in time, enable them to be fully integrated and ready for the Smart Nation roll-out.”
This article was edited by Keshia Faculin.
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