The number of QR codes for payment is akin to the number of credit card offerings in the market — it keeps growing, making it more of a hassle than convenience for merchants and consumers. The Monetary Authority of Singapore (MAS) has stepped in to solve this problem with the launch of the Singapore Quick Response (SGQR) Code.
Claimed to be the first of its kind globally, SGQR is a nationwide initiative that consists of multiple payment QR codes. It will be adopted by 27 payment schemes including fave, GrabPay, Mastercard, NETS, PayNow, and Visa, and deployed over the next six months.
“”QR code payments have been growing, and many cash-intensive merchants, such as hawkers, are accepting them,” said Ong Ye Kung, Minister for Education and MAS Board Member at the launch.
SGQR will make it electronic payment easy for both merchants and consumers.
For merchants, the consolidation of QR codes means that they only need to display just a single label, removing the growing clutter near their cash registers. Those that currently offer QR code payments will have their existing QR codes replaced with a single SGQR label over the next six months.
Consumers will be able to complete their transactions by picking their preferred payment scheme, scanning the code and paying the required amount.
MAS and the Infocomm Media Development Authority (IMDA) led a task force that comprised Singapore and international payments providers to develop SGQR.