MAS to develop common QR code by year-end
The Payments Council established by the Monetary Authority of Singapore (MAS). TODAY file photo
The Payments Council established by the Monetary Authority of Singapore (MAS) has set up a taskforce to develop a common QR code for Singapore by the end of the year.
The taskforce aims to have standardised specifications for a common QR code for Singapore, to accept both domestic and international payment schemes.
It will be co-led by the MAS and the Info-communications Media Development Authority, and will involve banks, QR payment service providers, and industry players such as Nets and EZ-Link.
Three government agencies are also on the taskforce — the Housing and Development Board, National Environment Agency and Spring Singapore.
The council noted that QR code-based payments are a practical and convenient way to introduce e-payments to cash-based merchants and to facilitate different payment schemes, e-wallets and banks.
“Council members advocated the use of QR code-based payments as a practical and convenient way to introduce e-payments to cash-based merchants. While debit and credit card schemes worked well for large merchants and retailers, these solutions were often not feasible for smaller merchants who preferred an infrastructure-light and cheaper solution,” said the MAS in a release.
Banks yesterday welcomed the move.
DBS, which launched its DBS PayLah! QR code payment solution in April, said that it has seen more than 15,000 transactions a month since then.
UOB said it strongly supports the move towards a common QR code for Singapore which is “another step forward in encouraging a cashless economy,” said Ms Jacquelyn Tan, head of Personal Financial Services Singapore, UOB.
Mr Pranav Seth, head of E-Business, Business Transformation and Fintech and Innovation Group, OCBC Bank, said: “A unified QR code will be good news for the industry. Diverging standards, leading to multiple QR codes at points-of-sale, lead to confusion for both consumers and merchants on what payment instruments to use, and how to use them.
“This slows down the pace of cashless adoption and the displacement of cash.” TAN WEIZHEN
