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