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
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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.
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