The Singapore Quick Response Code for Payment (SGQR) is a single QR code that is compatible with several e-payment solutions. It simplifies QR payments by combining multiple online-payments solutions into one. As a cashless initiative, it transforms Singapore mobile payments into a cash-light society. Therefore, here are facts you need to know about SGQR before you start shopping:
Code of Honor
SGQR’s sticker works with almost all e-wallets, credit cards, or other payment apps of choice. Notably, SGQR is adopted by more than 27 different schemes from different service providers. For instance, there are NETS, Liquid Pay, Liquid Pay, GrabPay, SingTel Das, and many others, which accept Singapore and international e-payment solutions. Hence, with more SGQR points installed, you can use your e-wallet to make several payments across the country.
Check the SGQR Code
Although SGQR accepts dozens of e-payment options, ensure that you check the brands listed below the SGQR code to confirm that the store you are shopping from accepts your choice of payment. While at the store, you do not need to verify with the cashier; instead, check the sticker.
Using SGQR code could lead to loyalty rewards. With only one sticker, it is possible that organizations competing for clients are willing to offer better and varied options to entice consumers to use their application. Therefore, consumers can use this opportunity to get loyalty rewards.
By using the SGQR code, everyone will benefit from the low prices of products because the system is centrally maintained. Hence, it is simple to deploy stickers. Therefore, it is a cheaper alternative for stores as accepting e-payment options means that they do not charge consumers extra costs.
SGQR Code Is an Industry Effort
Usually, mobilizing natural competitors to come together and complete a task is a big deal. Notably, the development and launching of SGQR transpired through a collaborative task force led by IMDA and MAS. The payment council consisting of members from trade associations, banks, businesses, and payment service providers, established the task force.
Currently Rolling Out
Starting from the Central Business District, the SGQR code entered the business world progressively from early 2019. More than 19000 existing QR stickers from diverse payment methods received a replacement of SGQR stickers. Later, the participant payment providers rolled out SGQR for new merchants.…