The Financial Authority of Singapore (MAS) at the moment introduced that it’s going to launch a proof of idea (POC) for an interoperable Singapore Fast Response Code Scheme (SGQR+).
The POC, to be performed from 1 to 30 November 2023, will discover the feasibility of enabling retailers in Singapore to simply accept QR funds from quite a lot of fee schemes by way of a single monetary establishment.
SGQR+ will enhance the variety of fee strategies that retailers can settle for. Retailers will solely want to enroll with a single monetary establishment to unlock a various vary of native and cross-border fee schemes. By aggregating a number of fee suppliers utilizing SGQR+, retailers will not want to take care of business relationships with a number of monetary establishments to simply accept completely different fee schemes.
Throughout the POC, SGQR+ shall be rolled out with 23 fee schemes , throughout greater than 1,000 service provider acceptance factors on the venue of the Singapore FinTech Competition (SFF) and within the Changi district.
The POC shall be performed by way of two separate tracks that includes completely different expertise options.
- Monitor I is led by Liquid Group, which is able to function a change that processes funds between the monetary establishment serving the service provider and the monetary establishment serving the buyer. Shoppers may even be capable of use fee purposes linked with bank cards to scan and pay at Liquid Group’s taking part retailers.
- Monitor II is led by NETS, which is able to enable shoppers to scan and pay at NETS’ taking part retailers with quite a lot of native and international fee schemes. This resolution is at present out there to retailers which are a part of the Authorities-subsidised Hawkers Go Digital programme. The POC will check the business feasibility of deploying this resolution throughout different service provider segments with retailers paying for this service.
Banking Laptop Companies Pte Ltd, the operator of the SGQR Central Repository, will handle the POC and supply technical help to the POC contributors.
Mr Sopnendu Mohanty, Chief FinTech Officer of MAS, stated:
“SGQR+ is a big leap in interoperable QR funds. It would streamline fee acceptance for retailers and considerably enhance the variety of service provider acceptance factors for each native and international shoppers to make use of their most popular e-wallet or banking utility. The POC launch paves the best way for Singapore to grow to be a worldwide chief in QR funds and a possible QR funds hub.”