The Payments Council has endorsed the specification for a common Singapore Quick Response Code (SG QR) that can accept electronic payments by both domestic and international payment schemes, e-wallets, and banks. The new SG QR was developed by an industry taskforce co-led by the Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority1.
The first of its kind globally, the SG QR includes protocols customised for Singapore, building on the QR specifications of EMVCo, a consortium of international payment schemes2. EMVCo sets standards that are utilised internationally by banks, merchants, processors and vendors. The SG QR optimises the number of e-payment schemes it contains by improving the efficiency of processing merchant relevant data.
The SG QR will be adopted and deployed by payment services providers in Singapore through 2018. For example, NETS QR and Singtel Dash QR will be part of the SG QR. For merchants currently accepting multiple QRs, payment service providers are developing a governance process for multiple payment schemes to be consolidated into SG QR. Payment service providers will also make it easier for more QR payment options to be onboarded. Merchants who do not currently accept any QR or only one QR code may adopt the SG QR sooner.
Payment service providers have also committed to update their mobile payment apps for consumers to read the SG QR. The Association of Banks in Singapore will include PayNow as part of the SG QR for person-to-person fund transfers. All seven participating PayNow banks will offer added convenience by allowing their customer to transfer funds via PayNow using QR codes.
Mr Sopnendu Mohanty, Chief FinTech Officer of MAS, said: “The SG QR is an unprecedented national initiative supported by the industry to provide consumers and merchants with a seamless and streamlined e-payment experience. It will be progressively rolled out across Singapore by payment service providers through 2018.”