SINGAPORE: A common Singapore Quick Response Code (SG QR) will be rolled out and adopted by payment service providers in Singapore next year, the Monetary Authority of Singapore (MAS) said on Monday (Nov 20).
Payment services providers in Singapore have also committed to update their mobile payment apps for consumers to read the SG QR. The newly announced NETS QR will be part of SG QR as will other payment service providers such as Singtel Dash QR.
Multiple payment schemes, which require merchants to accept multiple QRs, will be consolidated, MAS said.
Fund transfer service PayNow will also be included as part of the SG QR for person-to-person fund transfers. All seven participating PayNow banks will allow their customers to transfer funds via PayNow using QR codes, MAS said.
Payment service providers will also make it easier for more QR payment options to be implemented, MAS said. Merchants who do not currently accept any QR or only one QR code may adopt the SG QR sooner, it added.
The new payment protocol, the first of its kind globally, can accept electronic payments by both domestic and international payment schemes, e-wallets, and banks. It was developed by an industry taskforce led by MAS and the Infocomm Media Development Authority, the central bank said.
The SG QR optimises the number of e-payment schemes it contains by improving the efficiency of processing merchant relevant data, MAS said, adding that it builds on QR specifications used internationally.
“The SG QR is an unprecedented national initiative supported by the industry to provide consumers and merchants with a seamless and streamlined e-payment experience.” said Mr Sopnendu Mohanty, chief fintech officer of MAS.
LAUNCHED ON SINGTEL DASH
Singtel announced on Monday that it has launched SG QR on its mobile payments app Singtel Dash and consumers can start using it once they update the app.
It has been adopted at Singtel canteens, Nanyang Technological University, Ngee Ann Polytechnic and Nanyang Polytechnic.
"By the first quarter of 2018, customers will be able to use this payment option at more than 1,000 merchants and hawker centres," Singtel said.
Singtel Dash users can also transfer money via their Singtel Dash wallet to any mobile number or into their local bank account.