The Singapore Payments Council (SPC) authorised a standard QR code specification for the country to simplify electronic and mobile payments.
The SGQR system was devised by an industry group and uses international QR code protocols tweaked for the specific needs of the market.
It will be used for in-store payments, bank deposits, remittance services and person-to-person cash transfer. Several providers already use QR codes in the country, but standardising the payment method increases interoperability between services and ensures wider acceptance.
Payment processors must accept the standard by the end of 2018. App providers and banks have also committed to update their services during the year to use the new system.
Sopnendu Mohanty, chief fintech officer at the Monetary Authority of Singapore – the government agency in charge of the SPC – said: “The SGQR is an unprecedented national initiative supported by the industry to provide consumers and merchants with a seamless and streamlined e-payment experience.”
Singtel CEO Chua Sock Koong added: “QR standard codes will certainly encourage more consumers and merchants to go digital in Singapore’s push to become a Smart Nation.”
“As pioneers of mobile payments in Singapore, Singtel is pleased to support SGQR by introducing it on Singtel Dash. This marks a major milestone in our digital journey.”