The Singapore Quick Response Code (SGQR), which combines multiple payment QR codes into a single SGQR label, has been launched.
SGQR will make QR code-based mobile payments simple for both consumers and merchants. It is to be adopted by 27 payment schemes including PayNow, NETS, GrabPay, Liquid Pay and Singtel DASH, and will be deployed progressively over the next six months.
To pay by SGQR, consumers just have to:
Pick their preferred payment scheme from the accepted options, and login to the relevant payment app;
Scan the SGQR code; and
Pay the amount required.
With the consolidation of QR codes, merchant will only need to display a single SGQR label showing the e-payments it accepts. This means less clutter at the storefront and quicker payments processing. The addition of new QR payments options, both domestic and international, are also streamlined into the single SGQR label. SGQR does not require a terminal, so it is a cheaper way to accept various e-payment options.
Merchants that currently offer QR code payments will have their existing QR codes replaced with a single SGQR label over the next six months. The first phase of SGQR label replacement, starting with merchants in the Central Business District, will begin in late September.
During the transition phase some merchants may still display multiple QR codes, while others offer a single SGQR label. Consumers will be able to continue making payments using the existing QR codes via their usual payment app. Consumers who have specific questions about how their particular payment app or scheme works within SGQR should contact their respective provider.
Merchants can approach their acquirers to check on their deployment timetable.
SGQR was developed by an industry task force co-led by the Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA). Members of the task force include both Singapore and international payments providers, who will implement SGQR for their Singapore merchants.
SGQR will make QR code-based mobile payments simple for both consumers and merchants. It is to be adopted by 27 payment schemes including PayNow, NETS, GrabPay, Liquid Pay and Singtel DASH, and will be deployed progressively over the next six months.
To pay by SGQR, consumers just have to:
Pick their preferred payment scheme from the accepted options, and login to the relevant payment app;
Scan the SGQR code; and
Pay the amount required.
With the consolidation of QR codes, merchant will only need to display a single SGQR label showing the e-payments it accepts. This means less clutter at the storefront and quicker payments processing. The addition of new QR payments options, both domestic and international, are also streamlined into the single SGQR label. SGQR does not require a terminal, so it is a cheaper way to accept various e-payment options.
Merchants that currently offer QR code payments will have their existing QR codes replaced with a single SGQR label over the next six months. The first phase of SGQR label replacement, starting with merchants in the Central Business District, will begin in late September.
During the transition phase some merchants may still display multiple QR codes, while others offer a single SGQR label. Consumers will be able to continue making payments using the existing QR codes via their usual payment app. Consumers who have specific questions about how their particular payment app or scheme works within SGQR should contact their respective provider.
Merchants can approach their acquirers to check on their deployment timetable.
SGQR was developed by an industry task force co-led by the Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA). Members of the task force include both Singapore and international payments providers, who will implement SGQR for their Singapore merchants.
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