The Monetary Authority of Singapore (MAS) has begun testing its new SGQR+ service, a barcode payment service that allows transactions across multiple payment platforms using just one QR code. This new SGQR+ format is an upgrade from the original SGQR, which aimed to reduce the number of QR codes needed for businesses to display. With SGQR+, businesses can now accept payments from up to 23 different payment platforms through just one QR code.
The original SGQR format required all entities to use the EMVco format for data formatting within the QR code. This enabled multiple payment service providers to include their payment data within the same QR code. The QR code reader software could identify the Application ID within the QR code and read only the relevant sections. While this reduced the burden of displaying multiple QR codes for businesses, they still had to individually register for and manage different payment service providers.
SGQR+ consolidates the payment acquiring services of each individual merchant into one, while customers can still choose to use any e-wallet service as before. In this pilot project, two payment acquirer service providers, Liquid Group and NETS, are participating. Both providers have some differing APIs, so each e-wallet service must implement the respective APIs to support SGQR+. However, for customers making payments, nothing changes. They can continue to use cross-border payment services and other existing functionalities as before.
Currently, this testing phase is at the Proof of Concept (POC) stage, with over a thousand merchants participating. The testing is being conducted at Changi Airport.
TLDR: MAS has launched SGQR+ to simplify QR code payments, allowing businesses to accept payments from up to 23 different platforms through one QR code. Customers can still choose their preferred e-wallet service. Two payment acquirer providers, Liquid Group and NETS, are involved, with some differences in APIs. Existing cross-border payment services remain unchanged. Testing is currently in the POC stage at Changi Airport.