SGQR, Singapore unified payment QR code (SGQR) launch took place in September 2018 has seen quick adoption rate among businesses ever since launch. FOMOPay, a one-stop QR code payment solution provider works closely with Monetary Authority of Singapore (MAS) for the SGQR initiative which replaces more than 19,000 versions of QR codes currently in the market.
With the new SGQR label, businesses no longer need to deal with multiple QR code payment labels that could potentially cause confusion. At the same time, businesses can accommodate various types of mobile payment without going through different system interface, which allows more customers to make payment at their ease with minimum effort.
Cross border transactions via QR code
One key feature of SGQR that outperforms the previous payment QR codes is that SGQR not only accepts various local payment wallets, but also international mobile payment wallets, such as WeChat Pay and Alipay. Cross border transaction through QR code has put shopping and making payment at ease for international travellers to Singapore, since they do not have to worry about additional charges by the credit card companies as well as the frustration caused by potential card rejection. On the other hand, small and medium businesses can also embrace the increasing international arrivals to Singapore and enjoy the business and sales opportunities that it brings via SGQR labels.
According to Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority (IMDA), simplicity and speed of e-payment were identified as the critical challenges impeding the adoption rate of e-payment in Singapore. SGQR helps simplifying the e-payment process for customers by cutting down the hassle of finding the right QR code to scan, as well as for businesses by consolidating the statements from many e-payment options.
The initiative led by NETS to promote cash-lite campus has seen explosive growth in the adoption of e-payment among students. This has served as an encouragement in leading Singapore to become cashless society in the future. The habits cultivated among the younger age of consumers are likely sticked with them even after graduation and moving to the other stage of life. With the support from two government agencies and industrial task force, the future of e-payment that promotes simplicity and efficiency in Singapore seems promising.