As SGQR+ reshapes Singapore’s payment scene, who wins?

PAYMENT services firm Nets has had a four-decade head start in Singapore.

But that advantage may be diminishing in line with a push by the Monetary Authority of Singapore (MAS) to streamline payments, give merchants more choices, and make various payment apps more compatible with each other.

SGQR+, a new solution unveiled this month that is offered under two different tracks – one by Nets and the other by fintech firm Liquid Group – paves the way for a new contender to match and potentially go beyond Nets’ local merchant network in size.