Singapore common QR code adopts e-payment standards

It will be deployed by payment services through 2018.

Singapore's Payments Council endorsed the specification for a common Singapore Quick Response (SG QR) code that can accept electronic payments by both domestic and international payment schemes, e-wallets, and banks.

According to a press release, the SG QR includes protocols customised for Singapore, building on the QR specifications of EMVCo, a group of international payment schemes. EMVCo's standards are used by banks, merchants, processors and vendors.

The SG QR will be adopted and deployed by payment services providers in Singapore through 2018.

For merchants currently accepting multiple QRs, payment service providers are developing a governance process for multiple payment schemes to be united into SG QR.

The Association of Banks in Singapore (ABS) will also include PayNow as part of the SG QR for person-to-person fund transfers. All seven participating PayNow banks will allow customers to transfer funds via PayNow using QR codes.

The new SG QR was developed by an industry taskforce co-led by the Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority (IMDA).

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