Monday, 29 April 2024
Singapore introduces world’s first unified payment QR code – SGQR
The Singapore Quick Response Code (SGQR) was officially launched by Mr. Ong Ye Kung, Minister for Education and MAS Board Member today. The first of
its kind globally, SGQR combines multiple payment QR codes into a single SGQR label, making QR code-based mobile payments simple for both consumers
and merchants. SGQR will 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.
Benefits to Consumers
SGQR payments are simple, swift and safe. Consumers will be able to quickly and easily see if their preferred QR payment option appears on the
merchant’s SGQR label. 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.
Benefits to Merchants
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 on the store front 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 be commencing in late September 2018.
During the replacement phase of existing QRs, there will be a transitional period where some merchants may still display multiple QR codes, while
others display a single SGQR label. Consumers can continue to make QR code payments using the existing QRs 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.
Re-disseminated by The Asian Banker
