The trial will involve 23 payment schemes, including local issuers Changi Pay, EZ-Link, GrabPay and NETS, as well as overseas issuers Google Pay and Visa. Alipay and WeChat from China, DuitNow from Malaysia and PromptPay from Thailand are also part of the test.
MAS said the availability of international payment options will allow tourists to transact conveniently using their native payment applications.
TWO PAYMENT PROVIDERS
Merchants participating in the trial can choose from two payment providers – Liquid Group and NETS.
The track led by Liquid Group, a local digital payment provider, operates a switch that processes payments between the financial institutions serving the merchants and those serving the consumers.
It will also allow consumers to scan and pay at participating merchants using their mobile applications that are linked to credit cards.
“It’s a many-to-many framework, meaning connecting many users to many app merchants … the whole thing will be able to eventually create a more inclusive and scalable system in Singapore,” said Mr Jeremy Tan, CEO of Liquid Group.