The Monetary Authority of Singapore (MAS) has launched SGQR in a bid to unify the country’s QR payment network. Not only will the platform accelerate QR payment adoption and acceptance in Singapore, it will set the standard for the rest of the region.

The mobile payment process in Singapore is confusing due to the volume of different solutions available in the market. Consumers have to spend time looking for the logo of their chosen payment service provider.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Improving payments in Singapore

Merchants are constantly asked if they accept specific mobile wallets; for a Hainanese chicken rice stall that becomes an extra few hundred annoying “yes/no” responses to customers throughout the day. Payments using mobile phones were designed with efficiency in mind, but instead have become a hassle.

In a bid to solve this issue MAS has launched SGQR. The platform represents a consolidation of the country’s QR payment environment, enabling acceptance of 27 unique QR payment schemes available in the market. SGQR will also accept mobile wallet services from other countries.

This should lead to a dramatic improvement for both consumers and merchants. Consumers will no longer need to check whether their mobile wallet is accepted; merchants will not need to stipulate which individual schemes they accept; and the checkout area will be less cluttered, with only one QR code needing to be displayed.

SGQR’s ability to work across borders will build upon previous work in the region to facilitate cross-border payments, giving it significant utility in an international city like Singapore. In 2017 Thailand and Singapore agreed to link up instant payment systems (PayNow in Singapore and PromptPay in Thailand) so consumers can transfer money directly using a telephone number at any time of day. Singapore is pursuing similar deals with other major markets such as China and India.

The convenience brought by the unification of QR payment solutions under a single platform will accelerate adoption of mobile payments in the market among domestic consumers. and most importantly should kick-start cross border mobile payment acceptance by merchants in the city  will further grow mobile payments at a regional Association of Southeast Asian Nations level as well.