The Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority (IMDA) have introduced a payment QR code standard that claims to be compatible with as many as 27 e-payment solutions.
According to a joint press release, the standard, named Singapore Quick Response Code (SGQR), aims to simplify QR payments in Singapore for both consumers and merchants. SGQR can purportedly combine the QR codes from different electronic payment providers so merchants need only display a single QR code.
Currently, merchants need to display multiple QR codes from different payment providers to facilitate payments.
The launch follows the setting up of a task force last year to solve the problems associated with fragmented QR code payments.
The SGQR is based on the “QR Code Specification for Payment System – Merchant-Presented Mode” issued by EMVCo, which has the benefits of international interoperability, multi-tenancy of QR schemes and non-sensitive data presented for payments.
SGQR adopted these standards customized it for the Singapore market. PayNow, a P2P fund transfer service by seven participating banks in Singapore, will also be taking part in SGQR.
SGQR has already been launched on Singtel’s mobile payment app Dash.
First published in FinTech Innovation