The Singapore Payments Council (SPC) has approved the specification for a common Singapore Quick Response Code (SG QR) to simplify electronic and mobile payments in the country.
The new SG QR will accept electronic payments from both domestic and international payment schemes, e-wallets, and banks.
Developed by an industry taskforce co-led by the Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority, the SGQR system uses international QR code protocols tweaked for the specific requirements of the market.
The SG QR optimises the number of e-payment schemes it contains by improving the efficiency of processing merchant relevant data.
The SG QR will be adopted and deployed by payment services providers in Singapore through 2018. Additionally, app providers and banks have also agreed to update their services during the year to use the new system.
Monetary Authority of Singapore chief fintech officer Sopnendu Mohanty said: “The SGQR is an unprecedented national initiative supported by the industry to provide consumers and merchants with a seamless and streamlined e-payment experience. It will be progressively rolled out across Singapore by payment service providers through 2018.”