The platform will not only accelerate QR payment adoption and acceptance in the country, but also set the standard for the rest of the region, says data analytics company GlobalData.
SGQR combines 27 unique QR payment schemes including PayNow, NETS, GrabPay, Liquid Pay and Singtel DASH into a single label, making QR code-based mobile payments simple for both consumers and merchants. SGQR will be deployed progressively over the next six months.
Consumers will no longer need to check whether their mobile wallet is accepted; merchants will not need to stipulate which individual schemes they accept; and the checkout area will be less cluttered, with only one QR code needing to be displayed.
In 2017, Thailand and Singapore agreed to link up their instant payment systems PromptPay and PayNow, respectively, so consumers can transfer money directly using a telephone number at any time of day. Singapore is pursuing similar deals with other major markets such as China and India.
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