"Revolutionising QR Payments: SGQR+ Launch for Enhanced Merchant and Consumer Experiences"

At the Singapore FinTech Festival, we introduced SGQR+, an innovative upgrade to the existing SGQR system, aimed at revolutionising QR payments in Singapore.

Current Limitations and New Features:

• SGQR is widely recognised but lacks interoperability.
• SGQR+ aims to tackle inefficiencies by allowing merchants to accept multiple payment schemes with a single merchant acquirer.

Merchant and Consumer Benefits:

• Streamlines the payment acceptance process for merchants, reducing the need for multiple contracts.
• Ensures a seamless payment experience where consumers can use familiar apps or wallets without additional downloads.

Pilot Results:

• A Proof of Concept (POC) was conducted with 450 merchants across the Changi district, showing positive results: doubled transaction volume, tripled transaction value, and quadrupled payment schemes.
• 75% of participating merchants expressed strong interest in continuing with the SGQR+ system.

Future Directions:

• SGQR+'s objective of making payments simple, resilient, and seamless.
• Specific mention of adding international payment support for enhanced accessibility while traveling.
• Continuous growth in merchant adoption projected, aiming to reach thousands more in the near future.

Conclusion:
The launch of SGQR+ represents a comprehensive step forward in revolutionising the QR payment landscape in Singapore, making it more convenient and efficient for both merchants and consumers.

Watch Full Session

Speakers:

• Andrew Lo, Chairman & Chief Executive Officer, eft Payments (Asia) Limited
• Etienne Ng, Country Manager, Singapore, Regional Director, Southeast Asia, Weixin Pay, Tencent
• Jeremy Tan, Chief Executive Officer, Liquid Group
• Lawrence Chan, Group Chief Executive Officer, NETS
• Miguel Pereira Tanco, Chief Executive Officer, ZOOMOOV
• Natalia Goh, Chief Executive Officer, MariBank
• Ramakrishnan TG, Strategic Partnerships Lead, SEA., Google Payments, Google Asia Pacific
• Sukhvinder Singh, Head, Digital Banking, Maybank Singapore

Moderator: