5 Things to Know About SGQR+, Singapore’s Unified Payments QRby Johanan Devanesan January 16, 2024
In Singapore, micro and small merchants (MSMEs) are responding to the ever-increasing consumer demand for cashless options, and are swiftly embracing QR payment solutions. Looking ahead, the Monetary Authority of Singapore (MAS) has introduced the SGQR+, an innovative concept aimed at revamping Singapore’s QR payments infrastructure for the future.
Building upon SGQR, SGQR+ represents the next generation of interoperable payments for merchants., designed to align with the country’s vision of a seamless, accessible, and interoperable payments ecosystem.
In an ambitious move, the interoperable SGQR+ was showcased through a Proof of Concept (POC) spanning the entire month of November 2023, coinciding with the Singapore Fintech Festival (SFF). This venture marks a significant stride towards creating a QR code payments framework that promises smoother, more secure, and universally accessible transactions.
The POC witnessed major collaborations with five merchant acquirers, a plethora of over twenty payment schemes from both local and international origins, and a widespread network of merchant acceptance points exceeding a thousand, located within the SFF and the Changi district. This phase was instrumental in refining SGQR+ and exploring its scalability for future implementation.
The whitepaper studying this transformative era is supported by data and research from the SGQR+ POC, undertaken by the EY organisation, Banking Computer Services (BCS), and MAS. This initiative, underpinned by thorough research and market understanding, is set to forge a resilient and forward-looking payment infrastructure.
Here are five interesting takeaways gathered from the interoperable SGQR+ trials.
The Road Ahead for SGQR+
The future of SGQR+ looks promising, with the potential to revolutionise merchant experiences and consumer interactions in the payments sector. This interoperable QR payments infrastructure is poised to enhance merchant experiences by streamlining transaction journeys and reducing administrative burdens.
It will also expand the acceptance points for various payment apps and wallets, allowing both domestic and international consumers to transact seamlessly using their preferred payment applications. By fostering seamless cross-border payments, SGQR+ is expected to play a pivotal role in enhancing regional payment connectivity.
In fact, if the SGQR+ initiative successfully navigates its planned trajectory, it will represent a groundbreaking development on a global scale, positioning Singapore at the forefront of digital payment innovation.
Feature image credit: Edited from freepik
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