According to Channel NewsAsia, a single QR code compatible with multiple electronic payment solutions was introduced on September 17, the most recent step in Singapore’s push towards cashless payments.
The Singapore Quick Response Code (SGQR), billed as the primary of its kind on the planet, is a “low-infrastructure technology” that can help simplify QR electronic payments in Singapore for each consumers and merchants, said the Monetary Authority of Singapore (MAS). and Infocomm Media Development Authority (IMDA) in a joint press release.
SGQR might be used across 27 payment schemes including PayNow, NETS, GrabPay, DBS PayLah and Singtel DASH.
Currently, multiple QR code stickers could also be displayed in a single store to support different electronic payment schemes, which might be confusing for consumers. With the introduction of SGQR, there’ll only be one QR code sticker available, which can show all QR payment options accepted by the merchant.
“Consumers will be able to quickly and easily check whether their preferred QR payment option appears on the seller’s SGQR label,” MAS and IMDA said of their press release.
To make a payment, customers might want to log in to their preferred payment scheme app, scan the SGQR code and enter the payment amount.
Describing SGQR payments as “simple, fast and secure”, MAS and IMDA said: “MAS has identified the simplicity and speed of electronic payments as one of the key challenges hindering the adoption of electronic payment options in Singapore. Since QR payments can be via e-wallet or credit or debit card, consumers retain flexibility in choosing how to fund their QR payments.”
The joint statement said that for sellers, the inclusion of a single QR code sticker would mean “less clutter” and “faster payments for consumers.”
SGQR might be rolled out over the following six months, with the primary phase expected to cover over 1,000 vendors within the Central Business District.
From the top of September, roughly 19,000 QR codes might be replaced with SGQR labels. The alternative is anticipated to be accomplished by the top of this 12 months.
SGQR appears once configured industry task force last August to have a look at developing a typical QR code for Singapore’s fragmented electronic payments landscape. The task force, chaired by MAS and IMDA, consists of members representing payment schemes, issuers, acquirers, banks and relevant government agencies.
NO E-PAYMENTS INFRASTRUCTURE HAS BEEN BUILT
In his speech on the launch, Education Minister Ong Ye Kung, who can be a board member of MAS, also touched on other initiatives that he described because the “final few pieces of the puzzle” to finish the country’s electronic payments infrastructure.
First, payment rules have to be “transparent, easy to grasp and supply sufficient peace of mind for all parties,” he said.
“We have taken the time to build an open, accessible and interoperable electronic payments infrastructure that supports competition, innovation and improves consumer experiences,” said the minister.
“SGQR is our newest feature and we’re developing one other element of the national electronic payments infrastructure through greater access to e-wallet players.
“But consumers will only use e-payments if they feel safe,” Ong added.
One initiative is a set of user protection guidelines on account of be published at the top of this month. The guidelines will include, amongst others: geared toward allocating liability for unauthorized transactions between financial institutions and users.
For example, if a financial institution is the explanation for an unauthorized transaction, it can bear all the loss.
In case of unauthorized transactions attributable to a 3rd party and below S$1,000, financial institutions will similarly suffer loss.
If the transaction value exceeds S$1,000, the financial institution will need to analyze further and make a choice on a case-by-case basis.
“This is because transactions above S$1,000 require additional authentication and it is extremely unlikely that a user is not going to concentrate on this unless they’ve not taken proper care of their account,” Ong said.
Ong also announced plans to ascertain an industry working group, DIRECT FAST, to assist develop business and technical requirements for non-banks to attach on to FAST, a transfer service launched in 2014 that enables customers of several banks to transfer funds almost immediately.
In addition to operator FAST, banks and MAS, other players equivalent to Grab, Liquid Group, MatchMove and Razer and TransferWise have also joined the working group.
“If we would like Singapore’s e-payment system to be truly open, accessible and competitive, we are going to must open up FAST to other non-bank e-wallet payment solutions in order that they will work with bank accounts,” Ong said, adding that he has This is already the case within the UK and India, where non-banks have been allowed access to central payments infrastructure to encourage competition.
He added that similar initiatives are also within the pipeline in Hong Kong and Malaysia
The government will even seek to specific interest in constructing and operating a FAST aggregator. This will help reduce costs by aggregating technical requirements from multiple players, Ong said.
Source : Channel NewsAsia
