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Single SGQR label to replace 19,000 QR codes for e-payment

SINGAPORE — Consumers can scan and make e-payment through a unified Quick Response (QR) code payment label adopted by 27 e-payment schemes in the next six months.

The new SGQR, which replaces more than 19,000 versions of QR codes currently in the market, was launched on Monday (Sept 17).

The new SGQR, which replaces more than 19,000 versions of QR codes currently in the market, was launched on Monday (Sept 17).

SINGAPORE — Consumers can scan and make e-payment through a unified Quick Response (QR) code payment label adopted by 27 e-payment schemes in the next six months.

The new SGQR, which replaces more than 19,000 versions of QR codes currently in the market, was launched by Education Minister and Monetary Authority of Singapore (MAS) board member, Mr Ong Ye Kung, on Monday (Sept 17).

Achieving a global first, the SGQR streamlines both domestic and international QR code payment options into a single label, with payment schemes such as PayNow, Nets, GrabPay, Liquid Pay and Singtel DASH on board.

Businesses can do away with the clutter of having to put up multiple QR code payment labels on their store fronts or cashier counters, and consumers no longer have to remember to scan the correct QR code for their respective modes of payment.

SGQR will first be rolled out to merchants in the Central Business District from late September, before being introduced islandwide in the next six months.

During the transitional phase, merchants may still display multiple QR codes, and consumers can continue to make QR code payments using these existing labels through their usual payment applications.

(From left) Mr Ong, MAS managing director Ravi Menon and IMDA deputy chief executive Leong Keng Thai at the launch of the Singapore Quick Response Label. Photo: Koh Mui Fong/TODAY

The MAS is partially funding the replacement of these QR codes by providing a grant to a company that has been appointed to change the labels at merchants’ store fronts.

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BACKGROUND:

As part of Singapore’s national e-payment drive, the Payments Council established an industry taskforce to develop a common QR code specifications for e-payments in August last year.

The SGQR taskforce is co-led by the MAS and the Infocomm Media Development Authority, and consists of members from payment schemes, issuers, acquirers, banks and other government agencies.

 

 

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