Minister for Education and MAS board member Ong Ye Kung buys coffee using the Singapore Quick Response Code (SGQR) at its launch (Source: businesstimes.com.sg)
Singapore (VNA) - The Singaporeangovernment has launched the Singapore Quick Response Code (SGQR) which combinesmultiple payment QR codes into a single SGQR label, making QR code-based mobilepayments simple for both consumers and merchants.
SGQR was developed by an industry task force co-led by the Monetary Authorityof Singapore (MAS) and the Infocomm Media Development Authority (IMDA).
It will be adopted by 27 payment schemes including PayNow, Nets, GrabPay,Liquid Pay and Singtel Dash, and will be deployed progressively over the nextsix months, the MAS and IMDA said in an announcement on September 17.
SGQR payments are simple, swift and safe. Consumers will be able to quickly andeasily see if their preferred QR payment option appears on the merchant’s SGQRlabel.
With the consolidation of QR codes, merchant will only need to display a singleSGQR label showing the e-payments it accepts. This means less clutter on thestore front and quicker payments processing. The addition of new QR paymentsoptions, both domestic and international, are also streamlined into the singleSGQR label. SGQR does not require a terminal, so it is a cheaper way to acceptvarious e-payment options.
Merchants that currently offer QR code payments will have their existing QRcodes replaced with a single SGQR label over the next six months. The firstphase of SGQR label replacement, starting with merchants in the CentralBusiness District, will be commencing in late September 2018.
During the replacement phase of existing QRs, there will be a transitionalperiod where some merchants may still display multiple QR codes, while othersdisplay a single SGQR label. Consumers can continue to make QR code paymentsusing the existing QRs via their usual payment app. Consumers who have specificquestions about how their particular payment app or scheme works within SGQRshould contact their respective provider. Merchants can approach theiracquirers to check on their deployment timetable.-VNA
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Minister for Education and MAS board member Ong Ye Kung buys coffee using the Singapore Quick Response Code (SGQR) at its launch (Source: businesstimes.com.sg)
