MAS: SGQR+ to make QR payments more accessible and user-friendly

SINGAPORE: To make digital payments more accessible and user-friendly, on Oct 31, the Monetary Authority of Singapore announced the launch of a proof of concept for an interoperable Singapore Quick Response Code Scheme, or SGQR+.

The original SGQR, introduced in 2018, made it simpler for merchants to accept digital payments. However, there was a catch – merchants wanting to accept a variety of payment schemes, whether local or foreign, had to maintain commercial relationships with different financial institutions. During the POC, SGQR+ will be rolled out with 23 payment schemes across more than 1,000 merchant acceptance points, including locations at the Singapore FinTech Festival and in the Changi district., spearheaded by Liquid Group, will operate a switch that facilitates payments between the financial institution serving the merchant and the financial institution serving the consumer.

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