Singapore common QR code adopts e-payment standards

It will be deployed by payment services through 2018.

Singapore's Payments Council endorsed the specification for a common Singapore Quick Response (SG QR) code that can accept electronic payments by both domestic and international payment schemes, e-wallets, and banks.

According to a press release, the SG QR includes protocols customised for Singapore, building on the QR specifications of EMVCo, a group of international payment schemes. EMVCo's standards are used by banks, merchants, processors and vendors.

The SG QR will be adopted and deployed by payment services providers in Singapore through 2018.

For merchants currently accepting multiple QRs, payment service providers are developing a governance process for multiple payment schemes to be united into SG QR.

The Association of Banks in Singapore (ABS) will also include PayNow as part of the SG QR for person-to-person fund transfers. All seven participating PayNow banks will allow customers to transfer funds via PayNow using QR codes.

The new SG QR was developed by an industry taskforce co-led by the Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority (IMDA).

Also Read

ESR-LOGOS secures $225m and JPY15.5b sustainability-linked term loans

Singapore leads SEA in FinTech funding

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit