It is reported that the Monetary Authority of Singapore (MAS) is conducting the "SGQR +" concept certification test (POC)。By then, Singapore merchants will be able to accept dozens of digital payment methods through a QR code。

The trial will involve 23 payment options, including local card issuers Changi Pay, EZ-Link, GrabPay and NETS, as well as overseas card issuers Google Pay and Visa.。China's Alipay and WeChat, Malaysia's DuitNow and Thailand's PromptPay also participated in the test.。

                         

SGQR + Trial Official Launch Results Announced Next Year

                         

On November 1, MAS officially launched a month-long pilot program, "SGQR +" will be launched to more than 1,000 merchants at the Singapore FinTech Festival and Changi District in the eastern part of the country, providing consumers with more payment methods through a single QR code.。The Singapore Fintech Festival is one of the largest industry events in the region and is expected to be attended by around 70,000 visitors.。

QR code payments have expanded rapidly in Southeast Asia in recent years as companies such as Grab and Indonesian GoTo have offered merchants cheaper alternatives to credit card terminals.。For consumers, not having to carry cash and credit cards brings them a lot of convenience。

Typically, the specification of the QR code varies by payment provider。Merchants must register for multiple services and display each corresponding QR code at the checkout counter so that customers can scan one of them for payment。

In 2018, Singapore launched a single QR code called "SGQR," which integrates multiple payment QR codes。However, merchants must sign a contract with each financial institution to accept payments through a unified QR code。Consumers can also pay using their preferred method only at points of sale that accept specific payment methods。

As for the upgraded version of "SGQR," Sopnendu Mohanty, Chief Financial Technology Officer of MAS, said that "SGQR +" will simplify the payment acceptance process for merchants and significantly increase the number of merchant acceptance points for local and foreign consumers, giving them more choices when making payments.。

During the pilot period, Singapore's central bank will conduct research on a system jointly operated by NETS (Star Net Electronic Payments) and Liquid Group, which links payments between financial institutions through a unified QR code。

Mohanty said in a statement that the launch of POC will help Singapore lead the global QR code payment service and become a potential QR code payment center.。The results of the trial are expected to be published by the Bank of Singapore in a report in the first half of next year.。

                         

Dual-track independent parallel expansion of QR payment connectivity

                         

The POC is based on two separate tracks, each with different technical solutions:

1. Track I by Liquid GroupA switch will be operated to support payment processing between financial institutions serving merchants and consumers。In addition, consumers can use their credit card-linked apps to scan payments at Liquid Group's affiliated merchants。

Jeremy Tan, CEO of Liquid Group, said: "The many-to-many framework connects many users with merchants, enabling the creation of more inclusive and scalable systems.。"

2. Tra under the responsibility of NETSck IIWill enable consumers to scan payments at NETS affiliated merchants with a variety of local or foreign payment methods。Merchants participating in the government-subsidized Hawkers Go Digital program will be tested to determine the viability of the program expansion, at the merchant's expense.。

SGQR + allows merchants to satisfy consumers' payment choices through this interoperability, and when one payment method is suddenly unavailable, consumers can use another method to pay at any time, greatly improving the connectivity of QR code payment.。"NETS CEO Lawrence Chan said。

Banking Computer Services, the operator of the former SGQR central repository, will oversee the operation of the POC and provide technical support to relevant participants。

                         

Payment channels merge to promote consumption

                         

Governments and businesses in other Asian countries are also developing new standards for QR code payments.。In 2019, Japan launched the "JPQR" system, but merchants must still choose the payment method they want to register at the time of registration。

Singapore has been eager to expand its status as a financial center, so it continues to work on infrastructure for digital payments and transfers.。

In March this year, MAS and Malaysia's central bank successfully connected the two countries' smartphone QR code payment systems, enabling cross-border transactions.。In response, MAS said that the availability of international payments will allow tourists to use their original payment app to pay, to a certain extent, improve the potential tourism benefits.。

At the same time, China's Ant Group is looking to connect Asia's fragmented payment markets with "Alipay +," making it flexible to use in online and offline markets.。The system has worked with more than a dozen payment service providers, including Dana in Indonesia and GCash in the Philippines.。