Singapore pilots next generation QR mobile payments service

The Monetary Authority of Singapore (MAS) is testing an upgraded version of its SGQR unified QR payment code. This new version will allow merchants to accept QR code payments made using a wider range of local and cross-border payment schemes through a single financial institution, instead of having to maintain commercial relationships with individual payment scheme providers.

The new version, called SGQR+, will also give consumers, including tourists and other foreign visitors, more payment options. They will be able to use both domestic and foreign payment applications to make QR code payments at merchants participating in the proof of concept trial.

According to MAS, SGQR has become widely adopted by merchants as a simple and trusted solution to accept payments digitally. However, merchants that wish to accept a range of payment schemes (local or foreign) need to maintain commercial relationships with different financial institutions. Consumers and tourists can only use their preferred payment applications if the merchant maintains a specific commercial relationship with the financial institution that corresponds with those payment schemes.