Singapore's central bank, the Monetary Authority of Singapore (MAS), is testing a new payment method that aims to reduce the cost of QR code-based payments for merchants.
This new payment solution is built on the Singapore Quick Response Code (SGQR+) framework and allows merchants to receive payments from multiple payment networks at the same time, eliminating the need for multiple QR codes. This could significantly reduce costs for merchants and encourage more widespread adoption of QR code-based payments.
The program will allow merchants to accept over two dozen digital payment methods, including GrabPay, ShopeePay, Alipay, and WeChat, using a single QR code. This will help streamline the process of accepting payments for merchants and make it easier for consumers to pay using their preferred method.
While SGQR+ has the potential to make it easier for merchants to accept digital payments, it faces competition from other QR code-based payment systems, such as PayNow, PayLah!, DBS PayLah!, and NETS QR. These systems are already widely used in Singapore and may pose a challenge to the adoption of SGQR+. However, the simplicity and ease of use of SGQR+ may make it a popular choice for merchants and consumers.
The SGQR+ trial is part of a wave of new payment technologies that have the potential to transform the way we pay for goods and services. If it is successful, it could lead to faster and more convenient payments, both online and in-store.