Payments Council endorses Singapore Quick Response Code Specifications for electronic payments
Singapore, 20 November 2017… The Payments Council has endorsed the specification for a common Singapore Quick Response Code (SG QR) that can accept electronic payments by both domestic and international payment schemes, e-wallets, and banks. The new SG QR was developed by an industry taskforce co-led by the Monetary Authority of Singapore (MAS)
and Infocomm Media Development Authority
What is SG QR?
The first of its kind globally, the SG QR includes protocols customised for Singapore, building on the QR specifications of EMVCo
, a consortium of international payment schemes. EMVCo sets standards that are utilized internationally by banks, merchants, processors and vendors. The SG QR optimises the number of e-payment schemes it contains by improving the efficiency of processing merchant relevant data.
How SG QR can benefit merchants and consumers?
The SG QR will be adopted and deployed by payment services providers in Singapore through 2018.
For example, NETS QR
and Singtel Dash
QR will be part of the SG QR. For merchants currently accepting multiple QRs, payment service providers are developing a governance process for multiple payment schemes to be consolidated into SG QR. Previously, there could be more than one QR code displayed at a stall, which has led to merchant and user confusion. Payment service providers will also make it easier for more QR payment options to be onboarded. Merchants who do not currently accept any QR or only one QR code may adopt the SG QR sooner.
What's FOMO Pay's role in this?
As a member of SG QR Taskforce
which consists of twenty members from payment schemes, issuers, acquirers, banks and relevant Government Agencies, FOMO Pay will join the rest to define the QR code standard, develop merchant backend system, provide merchant mobile app, educate the merchants, bring merchant onboard and most importantly work with other members to promote cashless payment in Singapore.
How SG QR will be promoted?
Payment service providers have also committed to update their mobile payment apps for consumers to read the SG QR. The Association of Banks in Singapore will include PayNow as part of the SG QR for person-to-person fund transfers. All seven participating PayNow banks will offer added convenience by allowing their customer to transfer funds via PayNow using QR codes.
Nets has confirmed that by mid-2018, all of NETS’ payment points
will be enabled with QR code capabilities which will invole an investment of S$30m
. Nets said on Monday that its investment plans will be supported by DBS Bank
, OCBC Bank
and United Overseas Bank
, the three local banks that each own a third of Nets.Of the S$30 million, half will be used to subsidise infrastructure and setup costs for merchants, and the other half for marketing.
As for consumers, NETS and the three local banks are launching a S$15 million, four-month promotion campaign
. From Nov 17 to Mar 31, 2018, the first 288 customers who make eight QR code payments a month at any participating hawker centre will receive S$28 in rebates.
About FOMO Pay
FOMO Pay provides one-stop QRCode Payment Solution which enables merchants to accept a full suite of new payment methods including WeChat Pay
, mVISA, Grab Pay
, Baidu Wallet
, Best Pay
, etc. Launched in 2016 with more than 1000 merchants acquired within a year, FOMO Pay is trusted by major companies including SPH
, Marina Bay Sands
, Club 21
, CHANEL, etc. With FOMO Pay, merchants can unlock true business potential by giving customers the payment options they prefer and adopt cashless payment easily. FOMO Pay is also sitting in MAS SGQR Taskforce to promote QR code payment and make Singapore a cashless society.