• Liquid Group will strengthen its cross-border contactless QR payment network through a strategic collaboration with NICE Payments (“NICE”) as its partner acquirer in Korea.
• The partnership will expand the international merchant pool of Liquid Group and its issuer partners as well as enable NICE’s merchants to accept QR payments from the customers of Liquid Group and its issuer partners across the region.
• Customers of Liquid Group and its partners will also enjoy the convenience of using their preferred payment apps for their overseas QR payment transactions at NICE’s extensive network of merchants in Korea.
SINGAPORE, 1 July 2020 – Liquid Group, a regional mobile payment services group headquartered in Singapore, will partner with NICE Payments (“NICE”) as its merchant acquirer in Korea.
Nice Payments, a subsidiary of NICE Information & technology, is the payment specialist of NICE Group, the biggest financial infrastructure group in Korea. Nice Payments has continued to develop and lead the rapidly changing payment and settlement market to meet the various needs of its customers, processing an annual transaction amount exceeding KRW 19 trillion (as of 2016).
Through this partnership, customers of Liquid Group and its issuer partners will be able to use their preferred payment apps and e-wallets for their local and overseas QR payment transactions at more than 33,000 of NICE’s QR-enabled merchants, including one of the largest duty-free shops in Korea and many other popular tourist destinations. This will be followed by rolling out to over 700,000 of its credit card merchants base at a larger stage. This also expands the international merchant base for Liquid Group and its partners.
Likewise, through Liquid Group’s XNAP Network which supports large-scale QR acceptance and usage in both local and overseas markets, NICE merchants in Korea will be able to support cross-border QR code payment transactions.
Travellers will stand to benefit from a seamless cross-border payment journey using their trusted local payment app to make mobile payments overseas, while enjoying greater convenience and enhanced security features such as the ability to monitor their account balance and keep track of their transactions.
Yoon Kyeong Hwang, CEO of NICE Payments, said: “It is meaningful to be a strategic business partner with Singapore-based Liquid Group”, and emphasized that “The partnership with Liquid Group has great significance as NICE Payments will be the first to provide Southeast Asian E-wallet service in Korea, and will lead to great opportunity by creating new growth engine as a global payment platform.”
Jeremy Tan, Founder and CEO of Liquid Group, said: “We are thrilled to be joining forces with NICE Payments, which has a phenomenal track record in driving payments for over 30 years.
It’s a win-win situation for both groups as we share the same vision of accelerating the cashless movement across Asia and making it the super region for QR payments on the global stage.”
Further to the launch of XNAP Network to drive interoperability of cross-border QR payment service providers, Liquid Group has sustained its lead with a series of strategic partnerships across several markets in the region. Liquid Group will continue to explore more international partnerships to further its vision of creating a connected and robust QR payment ecosystem for all.
About Liquid Group
Liquid Group is a leading QR payment services group headquartered in Singapore with a presence across the Asia-Pacific. It operates XNAP Network (www.xnap.network), an open API based QR payment acceptance network that enables the cross-border acceptance of bank and non-bank QR payment apps across multiple markets in the region. By spearheading the largest cross-border interoperability framework, Liquid Group is an industry leader in the creation of a more connected and robust mobile payment ecosystem for all.
About NICE Payments
NICE Payments is the payment system specialist of NICE Group that has grown as a global financial infrastructure group for the past 30 years and focusing on electronic payment service. In addition to online and offline electronic payment services, NICE Payments provides the largest E-wallet payment integrated platform service in partnership with major simple payment companies to lead the recent payment market trend. In order to become a global PG business operator, NICE Payments has been providing PayPro service, Chinese E-wallet platform, for domestic merchants since 2017 with WeChat and Alipay and expanding their overseas payment business area through various alliances with global payment providers.