MAS Takes Step Towards More Interoperable QR Payments With SGQR+ Pilotby Fintech News Singapore October 31, 2023
The Monetary Authority of Singapore (MAS) will launch a proof of concept (POC) for a new QR payment system called SGQR+. The POC will explore the feasibility of enabling merchants in Singapore to accept QR payments from a variety of payment schemes through a single financial institution.
SGQR+ is a more interoperable version of the existing SGQR system, which was introduced in 2018. SGQR combined multiple payment QR codes into a single SGQR label, but merchants that wish to accept a range of payment schemes still need to maintain commercial relationships with different financial institutions.
The new SGQR+ will address this by allowing merchants to sign up with a single financial institution to unlock a diverse range of local and cross-border payment schemes.
During the POC, SGQR+ will be rolled out with 23 payment schemes at more than 1,000 merchant acceptance points at the venue of the Singapore Fintech Festival and in the Changi district.
The POC will be conducted through two separate tracks featuring different technology solutions by local payments firm Liquid Group and Singapore’s payment services group Network for Electronic Transfers (NETS).
The results of the POC will be detailed later in a report and will inform the public on the viability of deploying SGQR+ on a larger scale.
Sopnendu Mohanty, Chief Fintech Officer of MAS, said,
“SGQR+ is a significant leap in interoperable QR payments. It will streamline payment acceptance for merchants and substantially increase the number of merchant acceptance points for both local and foreign consumers to use their preferred e-wallet or banking application.
The POC launch paves the way for Singapore to become a global leader in QR payments and a potential QR payments hub.”
Details on the SGQR+ concept, the POC and its constituent tracks can be found in a whitepaper on “Interoperable QR Payments in Singapore” here.