Global: Singapore Initiates Interoperable QR Code Scheme Testing

The Monetary Authority of Singapore (MAS) is commencing a proof of concept (POC) for the interoperable Singapore Quick Response Code Scheme (SGQR+).

Taking place from November 1 to November 30, 2023, the POC aims to assess the feasibility of enabling merchants in Singapore to accept QR payments from various payment schemes through a single financial institution.

Introduced in 2018, SGQR successfully consolidated multiple payment QR codes into a single SGQR label. However, merchants wanting to accept a range of payment schemes had to maintain separate commercial relationships with different financial institutions. This limitation meant that consumers and tourists could only utilize their preferred payment applications if the merchant had specific ties to the corresponding financial institution for those payment schemes.

During the POC period, SGQR+ will be rolled out, featuring 23 payment schemes across more than 1,000 merchant acceptance points at the Singapore FinTech Festival (SFF) venue and in the Changi district.

The POC will consist of two separate tracks, each employing distinct technology solutions.

**Track I:** Led by Liquid Group, this track will operate a switch for processing payments between the financial institution serving the merchant and the financial institution serving the consumer. Consumers will also have the ability to use payment applications associated with credit cards to scan and make payments at Liquid Group’s participating merchants.

**Track II:** Led by Nets, this track will allow consumers to scan and pay at Nets’ participating merchants using a variety of local and foreign payment schemes. This technology is presently available to merchants participating in the Government-subsidized Hawkers Go Digital program. The POC will assess the commercial viability of extending this service to other merchant segments.

Banking Computer Services Pte Ltd, operator of the SGQR Central Repository, will oversee the POC and provide technical support to the participants.

Sopnendu Mohanty, Chief Fintech Officer of MAS, stated, “SGQR+ is a significant advancement in interoperable QR payments. It will streamline payment acceptance for merchants and substantially increase the number of merchant acceptance points for both local and foreign consumers, enabling them to use their preferred e-wallet or banking application. The POC launch sets the stage for Singapore to become a global leader in QR payments and a potential QR payments hub.”