SINGAPORE, 7 November 2024 – Network for Electronic Transfers (NETS), a leading digital payments provider in Singapore, has announced the islandwide rollout of its SGQR+ system, following a successful Proof of Concept (POC) conducted last year. With this expansion, SGQR+ will be available at 24,000 acceptance points across the island, rising to over 35,000 with the inclusion of hawker stalls.
The SGQR+ scheme aims to simplify digital payments for consumers and businesses by integrating multiple payment options under one QR label. Building on the success of the Hawkers Go Digital programme, NETS will introduce a streamlined acquirer track for the food and beverage (F&B) and retail sectors, aiming to grow the number of acceptance points by 10% annually.
New partners dtcpay, MariBank, and Maybank are now part of the SGQR+ scheme, increasing the total number of payment schemes and issuers to 18. Singaporeans can expect to use SGQR+ at a wide range of merchants, including popular outlets like Arnold’s Fried Chicken, Twelve Cupcakes, and ZooMoov, where payments can be made via a simple scan of the SGQR code.
NETS CEO Emphasises Convenience and Efficiency
NETS Group CEO, Mr Lawrence Chan, noted the company’s role in enhancing QR interoperability in Singapore: “The SGQR+ POC is a major milestone in Singapore’s digital transaction landscape, enabling merchants to accept payments across multiple schemes seamlessly. With NETS, each merchant requires only a single commercial arrangement, offering them access to a larger customer base while ensuring a smoother, safer transaction experience.”
NETS announced that the technical preparations for SGQR+ will be completed by Q4 2024, allowing customers of newly added issuers, including Maybank, to make payments via NETS Scan and Pay at participating merchants. Customers of dtcpay and MariBank are expected to access SGQR+ by Q2 2025.
Regional Expansion and Enhanced User Experience
Currently, SGQR supports cross-border payments in China, Indonesia, Malaysia, and Thailand. As the SGQR+ system integrates more regional QR linkages, it is expected to broaden consumer options and improve network connectivity, adding to its appeal among international users.
Merchants who participated in the POC highlighted SGQR+’s potential to simplify the payment process. Miguel Pereira Tanco, Director of ZooMoov Pte Ltd, explained, “SGQR+ has streamlined our operations by allowing us to accept multiple payment options with a single system. This efficiency reduces operational burdens and provides our customers with a seamless experience, enabling us to thrive in a digital-first economy.”
dtcpay’s CEO and Co-Founder, Ms Alice Liu, highlighted the benefits of the partnership, adding: “By enabling consumers to spend digital assets effortlessly, we aim to strengthen engagement within Singapore’s merchant ecosystem while elevating the overall customer experience.”
Background of SGQR and Evolution to SGQR+
The SGQR system, introduced in 2018 by the Monetary Authority of Singapore (MAS), was initially designed to consolidate various QR payment options into a single, user-friendly code. The SGQR+ POC, launched by MAS in November 2023, aimed to further improve this system by offering interoperability for QR payments across multiple providers. Conducted across 1,000 locations within Changi, the POC demonstrated the potential for merchants to accept up to 12 payment schemes, a significant increase from the previous average of three.
With 75% of merchants expressing interest in continuing with SGQR+ after the POC and 86% of financial institutions reporting an easy integration process, SGQR+ is positioned as a game-changer in Singapore’s digital payment landscape.