SG govt pushes for mobile payments with unified QR code

The government of Singapore has launched the Singapore Quick Response Code (SGQR) which combines multiple payment QR codes into a single SGQR label, making QR code-based mobile payments simple for both consumers and merchants.The SGQR was developed by an industry task force co-led by the Monetary Authority of 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 next six months.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.[Join us at Digital Marketing Asia 2018 on 23 – 24 October to learn how to future-proof your business using the hottest digital strategies, including blockchain, AI, AR, and personalised data-driven marketing.]According to a statement on the MAS site, with the new SGQR code, consumers will be able to quickly and easily see if their preferred QR payment option appears on the merchant’s SGQR label.  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. The addition of new QR payments options, both domestic and international, are also streamlined into the single SGQR label. SGQR does not require a terminal, so it is a cheaper way to accept various e-payment options.(Photo courtesy: 123RF)