Minister for Education and MAS board member Ong Ye Kung buys coffee using the Singapore Quick Response Code (SGQR) at its launch (Source: businesstimes.com.sg)

Singapore (VNA) - The Singaporean government has launched the Singapore Quick Response Code (SGQR) which combines multiple payment QR codes into a single SGQR label, making QR code-based mobile payments simple for both consumers and merchants.

SGQR was developed by an industry task force co-led by the Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA).

It will be adopted by 27 payment schemes including PayNow, Nets, GrabPay, Liquid Pay and Singtel Dash, and will be deployed progressively over the next six months, the MAS and IMDA said in an announcement on September 17.

SGQR payments are simple, swift and safe. Consumers will be able to quickly and easily see if their preferred QR payment option appears on the merchant’s SGQR label.

With the consolidation of QR codes, merchant will only need to display a single SGQR label showing the e-payments it accepts. This means less clutter on the store front and quicker payments processing. The addition of new QR payments options, both domestic and international, are also streamlined into the single SGQR label. SGQR does not require a terminal, so it is a cheaper way to accept various e-payment options.

Merchants that currently offer QR code payments will have their existing QR codes replaced with a single SGQR label over the next six months. The first phase of SGQR label replacement, starting with merchants in the Central Business District, will be commencing in late September 2018.

During the replacement phase of existing QRs, there will be a transitional period where some merchants may still display multiple QR codes, while others display a single SGQR label. Consumers can continue to make QR code payments using the existing QRs via their usual payment app. Consumers who have specific questions about how their particular payment app or scheme works within SGQR should contact their respective provider. Merchants can approach their acquirers to check on their deployment timetable.-VNA