The Monetary Authority of Singapore (MAS) has expanded the usage of QR code payments in the region.
The MAS announced that it will launch a proof of concept (POC) for an interoperable Singapore Quick Response Code Scheme (SGQR+).
The POC will explore the feasibility of enabling merchants in Singapore to accept QR payments from a variety of payment schemes through a single financial institution.
Sopnendu Mohanty, Chief Fintech Officer of MAS, commented,: “SGQR+ is a significant leap 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 to use their preferred e-wallet or banking application.
“The POC launch paves the way for Singapore to become a global leader in QR payments and a potential QR payments hub.”It comes as SGQR has become widely adopted by merchants as a simple and trusted solution to accept payments digitally. Nonetheless, merchants that wish to accept a range of payment schemes need to maintain commercial relationships with different financial institutions.
This means that SGQR+ will be rolled out to cover 23 payment schemes, across more than 1,000 merchant acceptance points at the venue of the Singapore FinTech Festival (SFF) and in the Changi district.