"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.


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:

  • Jo Yeo, Director & Head, Payments Development and Data Connectivity Office, Monetary Authority of Singapore

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