Thousands of merchants are expected to adopt the new quick response code based mobile payment service.
The Liquid Pay QR code is now targeting Singapore retail locations. The company predicts that 25,000 of those companies will be participating in this mobile payments method. These merchants will be on board within the next 12 months, says the firm.
Liquid Pay allows purchase transactions to be completed through the use of QR code scans.
The Liquid Pay QR code scans also allow customers to compare merchant discounts and use an app to obtain discounts and rewards. A statement from the company read “Liquid Pay has just successfully completed trials at select hawker stalls in Bukit Timah and Tiong Bahru markets, food and beverage (F&B) outlets at One-North/Galaxis and all Spinelli Coffee Company outlets.”
It also added that they predict that deployment will be complete in several F&B chains and hawker centers by the close of the year. They predict that there will be 25,000 new participants in Singapore in 12 months from now.
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The Liquid Pay QR code was designed to provide shoppers with more than a basic payment method.
Consumers who add their debit and/or credit cards to their Liquid Pay app account can use the QR codes to pay for purchases. However, they can also use that same mobile app to compare the types of discounts available through the different payment card methods. They also gain access to merchant offers rewards when they make their purchases for opportunities to save more.
Using the mobile app to pay for purchases is a matter of opening the app and using its QR code reader to scan the merchant’s unique barcode at the checkout counter. From that point, shoppers can look at the various offers, savings opportunities and rewards that are available to them based on the cards they have entered into their Liquid Pay app accounts. From there, they just have to choose the credit card or debit card that has the most beneficial offers. This lets them complete the transaction.
From the merchant side, they can accept payments via the Liquid Pay QR code without having to change any of their point of sale equipment or technology.