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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

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

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