MAS Introduces SGQR+ to Enhance Accessibility and Ease of QR Payments

SINGAPORE: In a bid to improve the accessibility and convenience of digital payments, the Monetary Authority of Singapore (MAS) announced on Oct 31 the launch of SGQR+, a proof of concept (POC) designed to create a more unified Singapore Quick Response Code system. Running from Nov 1 to Nov 30, 2023, this POC will test the feasibility of allowing merchants to accept multiple QR payment schemes through a single financial institution, simplifying the experience for businesses and consumers alike.

While the original SGQR, introduced in 2018, simplified digital payment acceptance, merchants still needed multiple bank affiliations to accept a range of local and international payment schemes. This posed limitations for consumers and tourists who wanted to use their preferred payment apps at all establishments.

SGQR+ aims to eliminate these barriers by enabling merchants to accept a variety of payment methods through a single bank partnership. This enhancement is expected to provide both locals and tourists with the flexibility to use their preferred apps at more locations.

During the POC, SGQR+ will operate with 23 payment schemes at over 1,000 locations, including the Singapore FinTech Festival and various points in the Changi district. The POC has two technology tracks:

Track I, led by Liquid Group, will manage payments between the bank of the merchant and that of the consumer, allowing consumers to use apps linked to their credit cards.

Track II, managed by NETS, will let consumers make payments at NETS-affiliated merchants using a variety of local and international payment schemes. Already active in the Hawkers Go Digital programme, this solution will be tested for broader application.

Banking Computer Services Pte Ltd will oversee the POC’s technical operations, while MAS’s Chief FinTech Officer, Sopnendu Mohanty, highlighted the significance of SGQR+ as a step toward making Singapore a global hub for QR payments, offering seamless transactions for residents and visitors alike. Results from this POC will be published in a future report, exploring the potential for large-scale implementation.

For an in-depth understanding of SGQR+ and its mechanisms, readers can refer to the MAS whitepaper, Interoperable QR Payments in Singapore.