The Singapore Quick Response Code (SGQR) was officially launched by Mr Ong Ye Kung, Minister for Education and Monetary Authority of Singapore (MAS) board member on Monday, Sept 17.
The first of its kind globally, SGQR combines multiple payment QR codes into a single SGQR label. This will make QR code-based mobile payments simple for both consumers and merchants.
To be deployed progressively over the next six months, SGQR will be adopted by 27 payment schemes including PayNow, NETS, GrabPay, Liquid Pay and Singtel DASH.
Payments made via SGQR are simple, swift and safe, MAS and Infocomm Media Development Authority (IMDA) said in a press release.
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.
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.
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.