Issuers to adopt common QR code for payments in Singapore from 2018 – the first of its kind globally

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 Authority. The SG QR Taskforce, consists of twenty members from payment schemes, issuers, acquirers, banks and relevant Government Agencies.  Annex 1 lists the members of the taskforce.

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 schemes ( American Express, Discover, JCB, Mastercard, UnionPay International, and Visa). 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.”

Mr Jeremy Tan, Founder and CEO, Liquid Group: “Liquidpay has been actively driving QR payments to a wide range of merchants and consumers in Singapore. The SG QR code is a first in the world and enables customers to pay intuitively with a single SG QR code. Fintech players like ourselves can then focus more on providing value added experiences.”

Mr Jeffrey Goh, Chief Executive Officer, NETS: “As the operator of Singapore’s national debit scheme with the largest network of acceptance points, NETS supports the SG QR and views adopting the SG QR code as a positive step in transforming Singapore towards an e-payments society. NETS will replace NETS QR at all locations where it is accepted with SG QR over the course of 2018.”

Mr Vincent Tan, President, Restaurant Association of Singapore (RAS): “In today’s fast paced culture, customers expect to have a swift and seamless dining experience. A single SG QR code allows for the payment step to be flexibly integrated at a variety of points. For example, a consumer can use his mobile to pay his final bill at his table’s digital menu. The RAS welcomes the SG QR code development and will work with the Payments Council to adopt the SG QR.”

Source: Monetary Authority of Singapore