Singapore is at the forefront of digital innovation, and its payment landscape is no exception. The Monetary Authority of Singapore (MAS) is now testing a new QR code payment service called SGQR+, which is set to revolutionize the way we pay for goods and services.

SGQR+ builds on the success of the existing SGQR unified QR payment code, but it takes things a step further. It enables merchants to accept QR code payments made using a wider range of local and cross-border payment schemes through a single financial institution. This means that merchants will no longer need to maintain commercial relationships with individual payment scheme providers, which can be costly and time-consuming.

SGQR+ also benefits consumers. It gives them more payment options, as they can use both domestic and foreign payment applications to make QR code payments at participating merchants. This is especially convenient for tourists and other foreign visitors, who can now use their native payment applications to pay for goods and services in Singapore.

Currently, 23 payment service providers are taking part in the month-long proof-of-concept trial of SGQR+. These include Mastercard, Visa, Alipay, LiquidPay, NETS, UnionPay, WeChat, and XNAP.

MAS is optimistic about the potential of SGQR+ to enhance interoperability for QR payment schemes. It believes that SGQR+ will increase the number of payment methods that merchants can accept, making it easier for them to do business. It will also benefit consumers by giving them more payment options and making it more convenient for them to pay for goods and services.

Benefits of SGQR+

SGQR+ offers a number of benefits to both merchants and consumers.

For merchants:

• Increased number of payment methods accepted
• Reduced costs and time associated with maintaining commercial relationships with individual payment scheme providers
• Simplified payment acceptance process

For consumers:

• More payment options are available
• A more convenient way to pay for goods and services, especially for tourists and other foreign visitors

Conclusion

SGQR+ is a promising new QR code payment service that has the potential to revolutionize the payment landscape in Singapore. It offers a number of benefits to both merchants and consumers, and it is likely to be widely adopted once it is launched.

Frequently Asked Questions

Q: What is SGQR+?

A: SGQR+ is a new QR code payment service that enables merchants to accept payments from a wider range of local and cross-border payment schemes through a single financial institution.

Q: How does SGQR+ benefit merchants?

A: SGQR+ benefits merchants in a number of ways. It increases the number of payment methods that they can accept, reduces the costs and time associated with maintaining commercial relationships with individual payment scheme providers, and simplifies the payment acceptance process.

Q: How does SGQR+ benefit consumers?

A: SGQR+ benefits consumers in a number of ways. It gives them more payment options, making it easier for them to find a payment method that they are comfortable with. It also makes it more convenient for them to pay for goods and services, especially for tourists and other foreign visitors.

Q: When will SGQR+ be launched?

A: MAS has not yet announced a launch date for SGQR+. However, the proof-of-concept trial is currently underway, and it is likely that SGQR+ will be launched in the near future.

Q: How can I participate in the SGQR+ proof of concept trial?

A: If you are a merchant or consumer who is interested in participating in the SGQR+ proof-of-concept trial, you can contact MAS for more information.

Additional Benefits of SGQR+

In addition to the benefits listed above, SGQR+ also offers a number of other advantages. For example, it:

• Can help reduce fraud and counterfeiting
• Can improve the efficiency of payment processing
• Can promote financial inclusion

Overall, SGQR+ is a promising new QR code payment service that has the potential to offer significant benefits to both merchants and consumers in Singapore.

SGQR was launched in September 2018.