What is Singapore Quick Response Code (SGQR)?

The world’s first unified payment QR code is SGQR. It integrates numerous payment QR codes into a single SGQR label, simplifying QR payments for customers and retailers. Consumers simply need to check for the SGQR label to see which payment methods a store takes, while retailers only need to show one SGQR label rather than several different codes. Infocomm Media Development Authority (IMDA) and the Monetary Authority of Singapore (MAS) developed this SGQR program together.

So, as customers how does it work?

Anyone with a mobile phone with a camera and internet connectivity will be able to use SGQR to make payments if the merchant supports their chosen way of payment. How can the customers utilize it?

1. 1. Open the payment app after selecting your payment method from the SGQR label.
   2. Scan the SGQR code and check the merchant’s name.
   3. Finish your transaction by entering the payment amount.
   4. After completing a successful payment, you should receive a payment notice quickly.
   5. A payment notification will be given to the merchant as well.

What are the benefits for business owners?

1. 1. Expand your company by attracting clients who may be short on funds.
   2. It’s quick and simple to use. You don’t have to wait for clients to input their PIN anymore. Your consumers just open the QR scanner inside their preferred payment app, scan the QR label, enter the payment amount, and the transaction is complete. Less complexity at storefronts with only one SGQR label required.
   3. By becoming cashless and accepting e-payments, you may cut your operating costs. Reduce visits to the bank and coin handling expenditures. You may also correctly capture transaction amounts, eliminating reconciliation mistakes and theft.

How to apply for SGQR for your company?

If you run a merchant and desire to receive SGQR payments, you must have specific contractual arrangements with the merchant acquirers. To your knowledge, the issuers of the SGQR scheme, MAS and IMDA do not intervene in any commercial concerns. Get in touch with any of the SGQR member banks or merchant acquirers listed below to see how the SGQR may be executed for your company.

You should contact any of your current merchant acquirers for assistance with any of the concerns listed below:

The financial institution with which you have engaged to handle your clients’ payment transactions is known as your merchant acquirer. When you notice any problems with your SGQR payments or suspect fraud, contact your merchant acquirer right once. Last but not least, if you are still uncertain about which merchant acquirer to utilize, please consult with us and call us at +65 8940 3532 (Kelly)!