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MAS’ Payments Council Taskforce to develop common QR code for Singapore

The Payments Council, which was established by the Monetary Authority of Singapore (MAS) recently, has set up industry taskforce to develop a common Quick Response (QR) code for Singapore (SGQR).

To offer a convenient way to roll out e-payments to cash-based merchants, the Council members have advocated the use of QR code-based payments.

The Payments Council members include banks, payment service providers, businesses, and trade associations.

Earlier this month, MAS had set up the Payments Council as part of its initiatives to promote e-payments in Singapore.

The Council members are of the view of that introducing a common QR code could facilitate payments among different payment schemes, e-wallets and banks.

The Payments Council and President of the Federation of Merchants’ Association, Singapore (FMAS) Yeo Hiang Meng said: “Singaporeans are interested in the mobile payment experience. FMAS will work with the MAS, Association of Banks in Singapore and financial institutions to expedite the adoption of the common QR code for mobile payments.

“We hope to see intensified marketing efforts to encourage businesses and consumers to adopt mobile payments at heartland shops and hawker centres.”

A common QR code is expected to help in making payment transactions simple, swift, seamless and safe.

The SGQR Taskforce will be co-led by the MAS and the Info-communications Media Development Authority (IMDA).

It will also involve a broad range of stakeholders such as banks, payment schemes, QR payment service providers, and relevant government agencies.

The taskforce targets to put in place the standardised SGQR specifications by the end of 2017 for the acceptance of both domestic and international payment schemes.

Image: The SGQR Taskforce will be co-led by the MAS and the Info-communications Media Development Authority (IMDA). Photo courtesy of  mapichai/