Singapore – Payment services group Network for Electronic Transfers (NETS) has recently announced its plans for the launch of the interoperable Singapore Quick Response Code Scheme (SGQR+). This initiative will be made available at 24, 000 acceptance points islandwide, following the completion of a successful proof of concept (POC) in November.
With the upcoming launch, SGQR+ issuers’ wallets will be extended to the hawker segment, bringing the total acceptance points to over 35,000. The company will further provide a master acquirer track, a solution modelled after the successful Hawkers Go Digital model.
NETS will also enable QR payments through a single SGQR QR label within the food and beverage and retail sectors, with plans to increase the number of acceptance points by 10% annually. Said islandwide rollout will also see three issuers, dtcpay, MariBank, and Maybank, coming on board.
Customers can then scan the SGQR QR label displayed at merchants and make payment through their wallets or banking apps at about 16,500 participating merchants encompassing Arnold’s Fried Chicken, Twelve Cupcakes, and ZooMoov.
Lawrence Chan, group CEO at NETS, said, “NETS is privileged to play a role in facilitating QR interoperability in Singapore. The SGQR+ POC project is a milestone for digital transactions in Singapore, making it more convenient for merchants to accept more payment schemes through NETS.”
“With NETS, each merchant only needs one commercial arrangement to accept payments from multiple domestic and inbound payment options. It also gives them access to a wider customer base and allows both merchants and consumers to transact more easily, efficiently, and safely,” he added.
According to the firm, the technical ‘live’ for SGQR+ will be also completed by the fourth quarter of 2024, which will allow customers of existing issuers such as Maybank to pay at participating merchants. Customers of dtcpay and MariBank can further do so by Q2 2025.
Presently, SGQR facilitates cross-border payments for China, Indonesia, Malaysia, and Thailand. It further holds potential for integration with various payment schemes regionally, expanding consumer options, and improving network connectivity.
Miguel Pereira Tanco, director at ZooMoov Pte Ltd, further commented, “SGQR+ has greatly helped us to be more efficient by simplifying the payment process and enabling us to serve a wider range of customers, both locally and internationally. We can now accept multiple payment options with just one streamlined system. This enhanced efficiency not only reduces our operational burden but also provides a seamless experience for our customers, empowering us to grow in a digital-first economy.”
Meanwhile, Alice Liu, CEO and co-founder at dtcpay, remarked, “Our partnership with NETS on SGQR+ represents a significant step forward in providing our users with unparalleled flexibility and convenience. By enabling consumers to spend their digital assets effortlessly, we hope to strengthen engagement within the local merchant ecosystem while enhancing the overall customer experience.”
