Qoo10 Singapore has jumped on the QR code bandwagon with its new integrated cashless payment system called QPay.
QPay allows consumers in Singapore to purchase items by scanning a QR code at a merchant's brick-and-mortar store. Since it is integrated into the Qoo10 payment platform, consumers can apply discounts or use their loyalty rewards upon checking out.
For merchants, QPay is not only a payment platform -- it can also be used as an advertising channel that drives footfall to their offline stores.
To date, more than 1,200 merchants are using Qpay. For instance, Holiday Inn Hotel, Amara Hotel, Bee Cheng Hiang and five other merchants integrated QPay with their promotional Mooncake deals from 23 September to 4 October 2017.
According to HyunWook Cho, country manager of Qoo10 Singapore, QPay is not just another payment channel but taps on the existing to reach the optimum capabilities of a cashless transaction. This will enable merchants with an all-rounded business strategy to reach their consumers with a seamless and enjoyable shopping experience.
QPay is one of the many initiatives to encourage QR code payments in the republic to realise the cashless Singapore goal. Earlier this year, DBS and OCBC Bank announced that they are offering QR code payments service to individuals and merchants through the DBS PayLah! and OCBC Pay Anyone apps respectively.
In addition to that, payment network Nets announced last month that it has rolled out a QR code payment service at Tanjong Pagar Plaza Market and Food Centre, which will be available from mid-November.