SINGAPORE – 17 SEP 2018
Consumers will be able to quickly and easily see if their preferred QR payment option appears on the merchant’s SGQR label
The Singapore Quick Response Code (SGQR) was officially launched by Mr Ong Ye Kung, Minister for Education and MAS Board Member today. The first of its kind globally, SGQR combines multiple payment QR codes into a single SGQR label, making QR code-based mobile payments simple for both consumers and merchants. SGQR will be adopted by 27 payment schemes including PayNow, NETS, GrabPay, Liquid Pay and Singtel DASH, and will be deployed progressively over the next six months.
Benefits to Consumers
2. SGQR payments are simple, swift and safe. Consumers will be able to quickly and easily see if their preferred QR payment option appears on the merchant’s SGQR label. To pay by SGQR, consumers just have to:
- “Pick” their preferred payment scheme from the accepted options, and login to the relevant payment app;
- “Scan” the SGQR code; and
- “Pay” the amount required.
Benefits to Merchants
3. With the consolidation of QR codes, merchant will only need to display a single SGQR label showing the e-payments it accepts. This means less clutter on the store front and quicker payments processing. The addition of new QR payments options, both domestic and international, are also streamlined into the single SGQR label. SGQR does not require a terminal, so it is a cheaper way to accept various e-payment options.
4. Merchants that currently offer QR code payments will have their existing QR codes replaced with a single SGQR label over the next six months. The first phase of SGQR label replacement, starting with merchants in the Central Business District, will be commencing in late September 2018.
5. During the replacement phase of existing QRs, there will be a transitional period where some merchants may still display multiple QR codes, while others display a single SGQR label. Consumers can continue to make QR code payments using the existing QRs via their usual payment app. Consumers who have specific questions about how their particular payment app or scheme works within SGQR should contact their respective provider. Merchants can approach their acquirers to check on their deployment timetable.
6. SGQR was developed by an industry task force co-led by the Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA). Members of the task force include both Singapore and international payments providers, who will implement SGQR for their Singapore merchants. Please refer to Annex A for details on SGQR initiative (159.31KB). For a full list of SGQR Taskforce Members and participating schemes, please refer to Annex B. (82.14KB) For a list of quotes from the industry, please refer to Annex C (80.83KB).
7. Find out more information on SGQR.
JOINTLY ISSUED BY MONETARY AUTHORITY OF SINGAPORE AND INFOCOMM MEDIA DEVELOPMENT AUTHORITY
About Infocomm Media Development Authority (IMDA)
The Infocomm Media Development Authority (IMDA) leads Singapore’s digital transformation with infocomm media. To do this, IMDA will develop a dynamic digital economy and a cohesive digital society, driven by an exceptional infocomm media (ICM) ecosystem – by developing talent, strengthening business capabilities, and enhancing Singapore's ICM infrastructure. IMDA also regulates the telecommunications and media sectors to safeguard consumer interests while fostering a pro-business environment, and enhances Singapore’s data protection regime through the Personal Data Protection Commission. For more news and information, visit www.imda.gov.sg or follow IMDA on Facebook IMDAsg and Twitter @IMDAsg.
For media queries, please contact:
Ms. Jacqueline Ong
Deputy Director (Communications)
Monetary Authority of Singapore
Tel: +65 62299159
Email: Jacqueline_ong@mas.gov.sg
Ms. Bridgitte Lee
Assistant Director (Communications)
Monetary Authority of Singapore
Tel: +65 62299262
Email: Bridgitte_lee@mas.gov.sg
Mr. Christopher Koh
Senior Manager (Communications & Marketing)
Infocomm Media Development Authority
Tel: +65 62111709
Email: Christopher_KOH@imda.gov.sg
Mr. Eugene Neubronner
Manager (Communications & Marketing)
Infocomm Media Development Authority
Tel: +65 62111182
Email: eugene_neubronner@imda.gov.sg
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