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Mobile Payments

Singapore rolls out unified payment QR code

Wednesday 19 September 2018 | 11:52 AM CET

Singapore has unveiled the first-of-its-kind unified payment QR code, announced by the Monetary Authority of Singapore and the Infocomm Media Development Authority.

The Singapore Quick Response Code (SGQR) combines multiple payment QR codes into a single label and aims to make QR code-based mobile payments simpler for both consumers and merchants. SGQR will be deployed progressively and it will be adopted by 27 payment schemes including PayNow, NETS, GrabPay, Liquid Pay, and Singtel Dash.

To pay by SGQR, consumers have to pick their preferred payment scheme from the accepted options, log in to the relevant payment app, scan the QR code, and then pay the amount required. With the consolidation of QR codes, merchants need to display just a single SGQR label showing the electronic payments they accept.

Merchants who offer QR code payments will have their existing ones replaced with a single SGQR label until April 2019. The first phase of the replacement will start in late September 2018.

More: Link
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