SGQR is an cashless initiative by MAS to drive Singapore mobile payments and transform Singapore into a cash-light society, by encouraging Singaporeans to reduce the use of cash. With 27 different payment schemes from various service providers under the SGQR label, consumers can enjoy multiple e-payment solutions through one payment gateway at lowered costs. FOMOPay, a one-stop QR code payment solution provider works cohesively with Monetary Authority of Singapore (MAS) for the SGQR initiative which replaces more than 19,000 versions of QR codes currently in the market. Businesses can do away with the clutter of having to put up multiple QR code payment labels on their store fronts or cashier counters, and consumers no longer have to remember to scan the correct QR code for their respective modes of payment.
In addition, it can accept both Singapore and international e-payment solutions down the road. With more SGQR points deployed, you can use your e-wallet to make payments across the island. While SGQR can accept dozens of e-payment options, consumers still need to check on the brands listed below the SGQR code, to confirm that the store accepts your choice of payment app or method.
No need for a specific SGQR App
All existing payment app and e-wallets are well integrated with the SGQR code. Hence, there is no need to download very specific mobile applications as the SGQR’s stickers will work with most e-wallet, credit card or payment app of choice including popular ones such as PayNow, NETS, GrabPay, Liquid Pay and SingTel Dash. We also benefit from lower costs because the system is centrally maintained and stickers are simple to deploy and is a cheaper alternative for stores to accept e-payment options. To complete a transaction, simply follow these 3 simple steps and enjoy quick and easy payments at the tip of your fingertips!
How can SGQR benefit your business?
The code, known as SGQR, will free merchants from messy multiple-terminal set-ups or the need to display multiple QR (quick response) codes to accept different payment schemes. This could help merchants improve efficiency on their daily operations such as reducing checkout time, the need of counting cash and easier financial management.