An updated version of Singapore’s unified QR code which will consolidate all payment needs with a single merchant acquirer has been rolled out by the Network for Electronic Transfers (NETS).
It is called the SGQR+, which will see the completion of its “technical live” in 4Q2024. NETS will offer the master acquirer track.
Three issuers — dtcpay, MariBank and Maybank — are slated to come on board. Customers of Maybank will be able to pay at existing merchants by 4Q2024, while dtcpay and MariBank customers can do the same by 2Q2025.
This is an extension of the SGQR label launched by the Monetary Authority of Singapore (MAS) in 2018, to combine multiple payment QR codes into a single label for merchants to accept payments digitally. Merchants using SGQR had to maintain commercial relationships with different financial institutions as the acceptance of payment schemes was not uniform across merchants back then.
Today, the SGQR+ allows merchants to accept QR payments from a variety of payment schemes and consolidate all payment needs with a single merchant acquirer.
Last November, the MAS carried out a proof of concept for the SGQR+, in which NETS was one of two providers conducting the roll out.
See also: Navigating the workforce shift for a GenAI-powered future
The SGQR+ will now be available across 24,000 acceptance points islandwide, and issuers’ wallets will also be extended to the hawker segment, bringing the total acceptance points to over 35,000, the release notes.
At present, SGQR also supports cross-border payments for China, Indonesia, Malaysia and Thailand.
“The SGQR+ POC project is a milestone for digital transactions in Singapore, making it more convenient for merchants to accept more payment schemes through NETS. With NETS, each merchant only needs one commercial arrangement to accept payments from multiple domestic and inbound payment options. It also gives them access to a wider customer base and allows both merchants and consumers to transact more easily, efficiently and safely,” says Lawrence Chan, Group CEO of NETS.
