Monetary Authority of Singapore

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Singapore pilots next generation QR mobile payments service

By Tom Phillips • • Updated • nfcw.com
Banners for Singapore's SGQR and SGQR+ enhanced interoperable common QR code payment schemes

The Monetary Authority of Singapore (MAS) is testing an upgraded version of its SGQR unified QR payment code that will enable merchants to accept QR code payments made using a wider range of local and cross-border payment schemes through a single financial institution rather than having to maintain commercial relationships with individual payment scheme providers... More

What's New in Payments

BIS reports on CBDCs in emerging markets

By Tom Phillips • • Updated • nfcw.com
BIS graph showing motivations for CBDC projects in emerging market economies

Providing a cash-like digital means of payment, increasing private digital payment services, supporting financial inclusion and achieving greater payment system efficiency are among the key motivations driving initiatives to develop central bank digital currencies (CBDCs) in emerging market economies around the world, according to a Bank for International Settlements (BIS) report... More

What's New in Payments

Singapore begins rollout of QR code that works with multiple mobile payment schemes

By Sarah Clark • • Updated • nfcw.com

Singapore introduces world’s first unified payment QR code — SGQR — Monetary Authority of Singapore — “The first of its kind globally, SGQR combines multiple payment QR codes into a single SGQR label, making QR code-based mobile payments simple for both consumers and merchants. SGQR will be adopted by 27 payment schemes including PayNow, NETS, GrabPay, Liquid Pay and Singtel Dash, and will be deployed progressively over the next six months.”

What's New in Payments

Issuers to adopt common QR code for payments in Singapore from 2018

By Sarah Clark • • Updated • nfcw.com

Common Singapore QR code to be rolled out next year — Channel News Asia — “A common Singapore Quick Response Code (SG QR) will be rolled out and adopted by payment service providers in Singapore next year, the Monetary Authority of Singapore (MAS) said on Monday… Payment services providers in Singapore have also committed to update their mobile payment apps for consumers to read the SG QR. The newly announced NETS QR will be part of SG QR as will other payment service providers such as Singtel Dash QR.”