How is NETS QR different from SG QR?
1) Who initiated NETS QR and SG QR?
NETS QR was launched by Singapore’s leading payment services provider, NETS. On the other hand, the Singapore Quick Response Code (SG QR) is developed by an industry taskforce co-led by the Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority. The taskforce also involves other government agencies such as the Housing Development Board (HDB), National Environment Agency (NEA), and Spring Singapore, payment providers such as Alipay Singapore E-Commerce, Tencent Holdings Limited (WeChat), NETS, and EZ-link, industry partners such as Singtel, Union Pay International, and major banks in Singapore.
2) When will I be able to start using NETS QR and SG QR?
The NETS QR was launched in September this year. Using NETS QR, customers will be able to pay for goods and services using their respective bank mobile apps and/or NETSPay instead of their cards. Participating banks include DBS/POSB (DBS PayLah!), UOB (UOB’s Mighty) and OCBC (OCBC’s Pay Anyone). HSBC, Maybank, Standard Chartered Bank and Citibank will hop onboard to offer this service soon.
Conversely, payment service providers in Singapore will deploy the SG QR only in 2018. Merchants who do not currently accept any QR may adopt the SG QR sooner than merchants who currently accept multiple QR codes.
3) Where will I be able to use NETS QR and SG QR?
NETS QR is a domestic QR code platform, which can be used only in Singapore. NETS QR code payment is currently available at more than 30,000 acceptance points including 500 stalls in 20 hawker centres, local convenience stores, cinemas, tertiary school canteens, and numerous F&B and retail outlets. By mid-2018, all of NETS terminals will be QR-code enabled.
On the other hand, SG QR will be able to accept electronic payments through both domestic and international payment schemes. There are also ongoing talks to incorporate SG QR to other markets’ payment offerings, and ensure visitors from other countries such as China and Indonesia will be able to make payments using QR codes as well.
4) What is the NETS QR and the SG QR based on?
The NETS QR is based on NETS Group’s own standard, while the SG QR is built on the QR specifications of EMVCo, which sets standards utilized internationally by banks, merchants, payment processors, and vendors. However, payment service providers including the NETS QR and Singtel Dash QR will be incorporated under the SG QR code specifications when the latter is released in 2018.
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.