The Business Times
business-time-50

MAS trials single QR code to rule them all

Under SGQR+ test, a merchant that signs up with a single financial institution will be able to accept all payment schemes

google-preferred-sourceAdd BT as a preferred source
Yong Jun Yuan
Tan Nai Lun

Yong Jun Yuan &

Tan Nai Lun

Published Tue, Oct 31, 2023 · 12:00 PM
    • The SGQR+ scheme is expected to increase the number of payment methods that merchants can accept.
    • The SGQR+ scheme is expected to increase the number of payment methods that merchants can accept. PHOTO: ST FILE

    THE Monetary Authority of Singapore (MAS) will be trialling a new solution that is expected to improve the interoperability of the current Singapore Quick Response Code Scheme (SGQR), it said on Tuesday (Oct 31).

    Through a proof of concept (POC) – conducted from Nov 1 to Nov 30 – MAS will explore whether it is feasible for merchants in Singapore to accept QR payments from a variety of payment schemes through a single financial institution.

    SGQR, introduced in 2018, combines multiple payment QR codes into a single SGQR label. It has been widely adopted by merchants, but MAS noted that there’s scope to enhance the payments scheme.

    Monetary Authority of SingaporePaymentsDigital bankingSpotlight

    TRENDING NOW

    Liang’s net worth more than doubled to US$36 billion, from around US$16.7 billion, according to the Bloomberg Billionaires Index. 

    DeepSeek founder Liang Wenfeng becomes the world’s richest AI model creator

    Employees may grumble about long hours, difficult clients or demanding deadlines, but often the biggest push factor is how they are treated.

    What makes a good job? Feeling that you matter

    US Secretary of State Marco Rubio (far left) and Treasury Secretary Scott Bessent listening as President Donald Trump (centre) speaks to the media on the sidelines of a Nato summit in Ankara, July 8, 2026.

    A new kind of ‘ceasefire’ between US and Iran where talks, strikes are part of the same process

    Andrew Burych, managing partner and head of East Asia for Brookfield’s real estate group, is still bullish on industrial assets in Singapore.

    Brookfield eyes further Singapore acquisitions after investing close to S$900 million

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More