Dubbed the first of its kind globally, the Singapore Quick Response Code (SGQR) is an “infrastructure-light technology” that will help to simplify QR e-payments in Singapore for both consumers and merchants, said the Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority (IMDA) in a joint media release.

The SGQR will be used in 27 payment schemes, including PayNow, NETS, GrabPay, DBS PayLah and Singtel DASH.

Currently, multiple QR code stickers may be displayed at one store to support various e-payment schemes, which can be confusing for consumers. With the roll-out of the SGQR, there will only be one QR code sticker that shows all QR payment options that the merchant accepts.

To make payment, customers will have to log in to the apps of their preferred payment schemes, scan the SGQR code and key in the payment amount. The SGQR comes after the set-up of an industry task force last August to look at developing a common QR code for the fragmented e-payment landscape in Singapore. Co-led by the MAS and the IMDA, the task force consists of members from payment schemes, issuers, acquirers, banks and relevant government agencies.

According to seasia