Electronic funds transfer network (nets) announced the island-wide rollout of SGQR+, an enhanced version of Singapore’s national QR code standard.
Following a successful proof of concept (POC) conducted in November 2023; singapore fintech festivalSGQR+ simplifies digital payments by allowing businesses to accept multiple payment schemes with one QR code.
This effort gained momentum with the following additions: dtcpayMariBank and Maybank, bringing the total number of issuers and payment schemes to 18.
The rollout will be completed in stages, with technology integration of existing issuers, including Maybank, expected to be completed by Q4 2024.
Meanwhile, new participants such as dtcpay and MariBank are expected to be operational by Q2 2025.
SGQR+ will initially be rolled out at 24,000 reception points across the retail and food and beverage industries, with plans to expand to over 35,000 locations, including hawker centres.
Participating stores include favorites like Arnold’s Fried Chicken, Twelve Cupcakes, and ZooMoov.
Customers can make payments by scanning the SGQR label using their preferred digital wallet or banking app.
The POC demonstrated the feasibility of an interoperable QR payment system in Singapore.
During the month-long trial, more than 65,000 transactions worth S$1.29 million were processed across 1,416 payment points, representing a 105% increase in transaction volume and 212% increase in value compared to the previous month.
Participating merchants increased the number of accepted payment schemes from three to 12, with NETS, GrabPay, and LiquidPay ranked as the best-performing payment schemes.
Built on the Hawkers Go Digital model, NETS facilitates deployment through a “master acquirer track” that allows merchants to consolidate their payment schemes under a single provider.
This approach streamlines operations, simplifies coordination, and ensures seamless consumer transactions. NETS aims to increase passing points by 10% each year.
Survey results show strong interest in SGQR+, with 75% of sellers indicating their intention to continue after POC.
They cite increased efficiency (69%), ease of signing up for multiple schemes (58%) and simplified reconciliation (34%) as key benefits.
Financial institutions are also positive, with 86% finding the integration seamless and 82% supporting widespread adoption.
However, some participants pointed to challenges such as scalability limitations, cost concerns, and technical hurdles.
Beyond domestic applications, SGQR+ will enhance cross-border payments with existing collaborations with China, Indonesia, Malaysia, and Thailand.
The initiative also plans to expand the network to Cambodia and Hong Kong, further strengthening consumer choice and Singapore’s digital payments ecosystem.
A detailed report on the pilot program written by Banking Computer Services highlighting the technical and commercial feasibility of SGQR+ is available for download. here.
NETS Group CEO Lawrence Chan said:
“NETS is proud to play a role in promoting QR interoperability in Singapore. The SGQR+ POC project is a milestone for digital transactions in Singapore and will help merchants make more payments through NETS Make it more convenient to accept the scheme.
NETS allows each merchant to accept payments from multiple domestic and inbound payment options with just one commercial arrangement. It also provides access to a wider customer base, making it easier, more efficient and more secure for both sellers and consumers to transact. ”
Alice Liu, CEO and co-founder of dtcpay, said:
“Our partnership with NETS on SGQR+ represents a significant step forward in providing unparalleled flexibility and convenience to our users.
By empowering consumers to spend their digital assets effortlessly, we hope to enhance engagement within the local merchant ecosystem while improving the overall customer experience. ”
