Singapore Dubbed the world’s first unified payment QR code, the SGQR is compatible with 27 payment schemes, such as PayNow and NETS, and will be deployed over the next six months.
The SGQR code displayed at a Toastbox outlet at the 100AM mall.
17 Sep 2018 12:00PM (Updated: 17 Sep 2018 12:11PM) [h=2]Share this content[/h]
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SINGAPORE: A single QR code that is compatible with multiple e-payment solutions has been rolled out on Monday (Sep 17), marking the latest step in Singapore's push towards cashless payments.
Dubbed the first of its kind globally, the Singapore Quick Response Code (SGQR) is an “infrastructure-light technology” that will help to simplify QR e-payments in Singapore for both consumers and merchants, said the Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority (IMDA) in a joint media release.
AdvertisementThe SGQR will be used in 27 payment schemes, including PayNow, NETS, GrabPay, DBS PayLah and Singtel DASH.
Currently, multiple QR code stickers may be displayed at one store to support various e-payment schemes, which can be confusing for consumers. With the roll-out of the SGQR, there will only be one QR code sticker that shows all QR payment options that the merchant accepts.
"Consumers will be able to quickly and easily see if their preferred QR payment option appears on the merchant's SGQR label," said MAS and IMDA in their press release.
To make payment, customers will have to log in to the apps of their preferred payment schemes, scan the SGQR code and key in the payment amount.
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A symbolic SGQR label with various QR payment options. (Photo: MAS/IMDA)
Describing SGQR payments as “simple, swift and safe”, MAS and IMDA said: "Simplicity and speed of e-payments were identified by MAS as one of the critical challenges impeding adoption of e-payment options in Singapore. As QR payments could be an e-wallet or funded by a credit or debit cards, consumers retain the flexibility in choosing how to fund their QR payments."
For merchants, the display of one QR code sticker will mean "less clutter" and "quicker payments by consumers", the joint statement said.
The SGQR will be deployed over the next six months, with the first phase set to include more than 1,000 merchants in the Central Business District.
About 19,000 QR codes will be replaced with the SGQR labels from end-September. The replacement exercise is expected to complete by the end of this year.
The SGQR comes after the set-up of an industry task force last August to look at developing a common QR code for the fragmented e-payment landscape in Singapore. Co-led by the MAS and the IMDA, the task force consists of members from payment schemes, issuers, acquirers, banks and relevant government agencies.
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17 Sep 2018 12:00PM (Updated: 17 Sep 2018 12:11PM) [h=2]Share this content[/h]
[h=2]Bookmark[/h]
SINGAPORE: A single QR code that is compatible with multiple e-payment solutions has been rolled out on Monday (Sep 17), marking the latest step in Singapore's push towards cashless payments.
Dubbed the first of its kind globally, the Singapore Quick Response Code (SGQR) is an “infrastructure-light technology” that will help to simplify QR e-payments in Singapore for both consumers and merchants, said the Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority (IMDA) in a joint media release.
AdvertisementThe SGQR will be used in 27 payment schemes, including PayNow, NETS, GrabPay, DBS PayLah and Singtel DASH.
Currently, multiple QR code stickers may be displayed at one store to support various e-payment schemes, which can be confusing for consumers. With the roll-out of the SGQR, there will only be one QR code sticker that shows all QR payment options that the merchant accepts.
"Consumers will be able to quickly and easily see if their preferred QR payment option appears on the merchant's SGQR label," said MAS and IMDA in their press release.
To make payment, customers will have to log in to the apps of their preferred payment schemes, scan the SGQR code and key in the payment amount.
AdvertisementAdvertisement
Describing SGQR payments as “simple, swift and safe”, MAS and IMDA said: "Simplicity and speed of e-payments were identified by MAS as one of the critical challenges impeding adoption of e-payment options in Singapore. As QR payments could be an e-wallet or funded by a credit or debit cards, consumers retain the flexibility in choosing how to fund their QR payments."
For merchants, the display of one QR code sticker will mean "less clutter" and "quicker payments by consumers", the joint statement said.
The SGQR will be deployed over the next six months, with the first phase set to include more than 1,000 merchants in the Central Business District.
About 19,000 QR codes will be replaced with the SGQR labels from end-September. The replacement exercise is expected to complete by the end of this year.
The SGQR comes after the set-up of an industry task force last August to look at developing a common QR code for the fragmented e-payment landscape in Singapore. Co-led by the MAS and the IMDA, the task force consists of members from payment schemes, issuers, acquirers, banks and relevant government agencies.
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