The Payments Council in Singapore has endorsed the specification for the common Singapore quick response code (SG QR) for electronic payments.
The new SG QR was developed by an industry taskforce co-led by the Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority.
Using the code, merchants can accept electronic payments by both domestic and international payment schemes, e-wallets and banks.
The first of its kind globally, the SG QR includes protocols customized for Singapore, building on the QR specifications of EMVCo, a consortium of international payment schemes. EMVCo sets standards that are utilized internationally by banks, merchants, processors and vendors. The SG QR optimizes 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. Local payment providers such as 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, Singapore’s nationwide P2P payment system, 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.
“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,” MAS chief FinTech officer Sopnendu Mohanty said.
First published in FinTech Innovation