The government of Singapore has launched a unified payment QR code that will phase out the need to use different QR codes for different payment methods.
The new offering, dubbed Singapore Quick Response Code (SGQR), is said to the first of its kind in the world.
It has been developed by an industry task force jointly headed by the Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA).
The new proposition covers both domestic as well as international QR code payment options. It is compatible with 27 payment schemes, including PayNow, NETS, GrabPay, Liquid Pay and Singtel DASH.
The service is expected to go live in the next six months, and replace more than 19,000 QR codes.
The first phase of SGQR label replacement will commence later this month with merchants in the Central Business District.
Minister for education and MAS board member Ong Ye Kung said: “QR code payments have been growing and many cash – intensive merchants, such as hawkers, are accepting them. But every scheme – e – wallet, PayNow, NETSPay – all issue their own QR code. This causes confusion.”
In order to make payments through the new unified code, users first need to select their preferred payment method from the available choices, login to the relevant payment app, and scan the SGQR code.