SGQR, aka Singapore Quick Response Code is a single QR code that combines multiple e-payment solutions into one. SGQR help to simplify QR e-payments for both consumers and merchants. Singapore Quick Response Code is not a separate payment scheme or payment app. Currently, consumers may see multiple QR codes at merchant stores promoting various e-payment solutions. Besides, consumers would feel confused having to manually find their preferred e-payment option availability. Merchants are impacted by the aesthetic constraints of supporting multiple QR codes on their limited display and retail space. With SGQR, consumers will see a single QR Code label that shows all QR payment options that the merchant accepts. For merchants, Singapore Quick Response Code will be an infrastructure-light and cheaper way to accept multiple types of e-payments
In August 2017, the Payments Council established an industry task force to develop a common QR code specifications for e-payments in Singapore. The SGQR task force, co-led by the Monetary Authority of Singapore and Infocomm Media Development Authority, consists of members from payment schemes, issuers, acquirers, banks and relevant Government Agencies. The Singapore Quick Response Code specifications are based on the "QR Code Specification for Payment System – Merchant-Presented Mode" issued by EMVCo in July 2017. So, SGQR adopts these standards and has customized it for the Singapore market. These include elements and protocols which Singapore deems important for mandatory inclusion – such as the default positions for Singapore-relevant fields, guidance on EMV-specific fields, and the ordering of and code efficiency in merchant account information from payment schemes. Lastly, SGQR will be rolling out across Singapore over the next six months. Above all, over 20 leading domestic and international QR schemes in Singapore are part of Singapore Quick Response Code. Want to learn more about SGQR? Contact us to learn more.