The Monetary Authority of Singapore (MAS) has announced the development of a common Singapore Quick Response Code (SG QR) for payments service providers.
The SG QR will also include the newly announced NETS QR (a unified ecommerce payments platform that includes several large banks). The initiative will see the consolidation of multiple payments schemes, which require merchants to accept different QR codes.
Fund transfer service PayNow will also be included as part of the SG QR for person-to-person fund transfers. All seven participating PayNow banks will allow their customers to transfer funds via PayNow using QR codes, according to MAS and reported by channelnewsasia.com
A unified common QR code for payments will allow PSPs to integrate different payment methods that can be accepted at different merchants.
The new payment protocol, the first of its kind globally, can accept electronic payments by both domestic and international payment schemes, e-wallets, and banks. It was developed by an industry taskforce led by MAS and the Infocomm Media Development Authority.