Network for Electronic Transfers (NETS) has announced the islandwide rollout of SGQR+, an enhanced version of Singapore’s national QR code standard.
Following a successful proof of concept (POC) conducted in November 2023 during the Singapore Fintech Festival, SGQR+ simplifies digital payments by enabling businesses to accept multiple payment schemes through a single QR code.
The initiative has gained momentum with the addition of dtcpay, MariBank, and Maybank, bringing the total number of issuers and payment schemes to 18.
The rollout will be completed in phases, with technical integration for existing issuers, including Maybank, expected by Q4 2024.
Meanwhile, new participants like dtcpay and MariBank are set to go live by Q2 2025.
SGQR+ will initially be deployed at 24,000 acceptance points across retail and F&B sectors, with plans to expand to over 35,000 locations, including hawker centers.
Participating merchants include popular outlets such as Arnold’s Fried Chicken, Twelve Cupcakes, and ZooMoov.
Customers can make payments by scanning the SGQR label using their preferred digital wallets or banking apps.
The POC demonstrated the feasibility of an interoperable QR payment system in Singapore.
During the month-long trial, 1,416 payment points processed over 65,000 transactions valued at SGD 1.29 million, reflecting a 105% increase in transaction volume and a 212% rise in value compared to the previous month.
Participating merchants increased the number of accepted payment schemes from three to 12, with NETS, GrabPay, and LiquidPay ranking as the top-performing payment schemes.
Built on the Hawkers Go Digital model, NETS facilitates the rollout through a “master acquirer track,” allowing merchants to consolidate payment schemes under a single provider.
This approach streamlines operations, simplifies reconciliation, and ensures seamless consumer transactions. NETS aims to grow acceptance points by 10% annually.
Survey results showed strong interest in SGQR+, with 75% of merchants indicating a desire to continue post-POC.
They cited increased efficiency (69%), ease of signing up for multiple schemes (58%), and simplified reconciliation (34%) as key benefits.
Financial institutions were also positive, with 86% finding integration seamless and 82% supporting broader adoption.
However, some participants noted challenges, including scalability limitations, cost concerns, and technical hurdles.
Beyond its domestic applications, SGQR+ strengthens cross-border payments with existing linkages to China, Indonesia, Malaysia, and Thailand.
The initiative also plans to expand its network to Cambodia and Hong Kong, further enhancing consumer options and Singapore’s digital payment ecosystem.
A detailed report on the pilot programme highlighting the technical and commercial viability of SGQR+, authored by Banking Computer Services, is available for download here.
Lawrence Chan, Group CEO of NETS said,
“NETS is privileged to play a role in facilitating QR interoperability in Singapore. The SGQR+ POC project is a milestone for digital transactions in Singapore, making it more convenient for merchants to accept more payment schemes through NETS.
With NETS, each merchant only needs one commercial arrangement to accept payments from multiple domestic and inbound payment options. It also gives them access to a wider customer base and allows both merchants and consumers to transact more easily, efficiently and safely.”
Alice Liu, CEO and Co-Founder of dtcpay, said,
“Our partnership with NETS on SGQR+ represents a significant step forward in providing our users with unparalleled flexibility and convenience.
By enabling consumers to spend their digital assets effortlessly, we hope to strengthen engagement within the local merchant ecosystem while enhancing the overall customer experience,”
