In a statement, QFPay, which was established in 2012, said the partnership will enable NETS QR users to make digital payments at QFPay’s merchant network in Australia, Hong Kong, Japan, Malaysia, the Philippines, and Thailand.
“With this partnership, travellers from Singapore will benefit from the convenience of making payments in these countries through their local mobile payment apps such as NETSPay, DBS Paylah!, OCBC Pay Anyone and UOB Mighty,” QFPay said.
With over 10 million overseas trips made by Singaporean residents in 2018, the cross-border partnership is expected to improve safety and convenience for these travellers by reducing reliance on cash and physical cards, the two companies said.
QFPay serves over 1.2 million merchants across 13 markets in Asia and the Middle East. It has executed over one billion transactions since its inception. Its customers range from large, medium, and small merchants, from luxury fashion and jewellery brands to restaurants and hotels, exhibitions to convenience store chains.
Facilitating cross border transactions is a key part of growth and globalisation efforts at QFPay, said company Co-Founder and International CEO Patrick Ngan.
“At present, we are already in partnership with more than 20 mobile wallets from Asia and the Middle East, and we are excited to be the driving force in expanding the acceptance of Singapore’s cashless payment systems abroad,” Ngan added.
In addition to NETS, QFPay’s Merchant Payment App is integrated and launched with other leading Asian mobile wallets such as AirPay, Alipay, Rabbit LinePay, WeChat Pay, UnionPay QuickPass, and others, enabling merchants to accept payments from both locals and foreign travellers.
In August, QFPay raised $20 million in its funding round from existing investors Sequoia Capital China and Matrix Partners. The company has earlier raised $16.5 million in its Series B funding round also led by Sequoia Capital China in 2014 and another round in 2013.