How to utilise SGQR as a merchant?
Monetary Authority of Singapore (MAS) finally launched the long waited SGQR on September 17, 2018. SGQR is a unified QR code that combines various payment solutions into one.
This is world’s first unified QR payment system, and will progressively adopt 27 payment schemes including PayNow, GrabPay, Liquid Pay, NETS and Singtel DASH, simplifying the payments process for consumers and slashing time for payment processing.
Full list of payment schemes:
How does SGQR work for merchants?
If you already accept QR payments, you need not do anything! Your acquirer will replace your QR code with SGQR over the next few months. For more information, please contact your acquirer listed under the “Partners” section.
If you currently do not accept QR payments, please contact any of the partners listed above.
As SGQR payments are customer initiated, the customer needs to know which payment options are available for the customer to open his or her preferred payment app. Hence the SGQR label will display all of the QR payment options accepted by the merchant. The SGQR Label can potentially display over twenty payment logos within a single SGQR label.
However, it is important to note that the end result for merchants is still one single QR, which will free up space as opposed to having a dozen individualized QR codes at their payment counter.
With the launch of SGQR, Singapore will be one step closer to developing a cashless society. For us as a Point-Of-Sale solution provider, we look forward to more possible coming in our way.
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