25 September 2017
visit www.avoka.com

Singapore to develop common QR code for payments

29 August 2017  |  10621 views  |  1 Singapore flag 1

Singapore is planning to develop a common QR code that will facilitate payments among different schemes, e-wallets and banks.

The country's new Payments Council has set up an industry task force made up of banks, payment schemes, QR service providers and government agencies to put together standardised specifications for the code by the end of the year.

The council argues that QR codes offer a cheaper and less infrastructure-heavy alternative to debit and credit card schemes, making them more feasible for smaller cash-based merchants.

But to avoid the fragmentation caused by several proprietary QR codes, a common scheme is needed. In April local banks DBS and OCBC revealed plans to introduce QR code-based payments at offline stores in a joint project with national payments processor Nets.

The new taskforce will set out specifications to accept both domestic and international payment schemes as well as outline a governance structure and implementation strategy.

Yeo Hiang Meng, member, Payments Council and president of the Federation of Merchants’ Association, Singapore, says: "Singaporeans are interested in the mobile payment experience. FMAS will work with the MAS, Association of Banks in Singapore and financial institutions to expedite the adoption of the common QR code for mobile payments."

Meanwhile, at its inaugural meeting, the Payments Council also called for improvements to the PayNow P2P money transfer service. Backed by seven banks, PayNow already has more than 500,000 registrations but the Council says there is scope to improve its user interface, including through SMS notifications.

KeywordsEFTPOS

Comments: (1)

Hitesh Thakkar
Hitesh Thakkar - FIS Payments Software and Services India - India | 29 August, 2017, 19:22

Good collobrative approach for interopertable consumer payments system initative by Singapore Govt. It looks like India Stack and Bharat QR case.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Singapore to let banks move into e-commerce

Singapore to let banks move into e-commerce

28 June 2017  |  10586 views  |  2 comments | 19 tweets | 38 linkedin
Card networks bring standardised QR codes to Thailand

Card networks bring standardised QR codes to Thailand

11 May 2017  |  7343 views  |  3 comments | 6 tweets | 17 linkedin
DBS and OCBC push QR codes for mobile payments

DBS and OCBC push QR codes for mobile payments

26 April 2017  |  5442 views  |  0 comments | 7 tweets | 9 linkedin
Singapore's MAS sets up data analytics group

Singapore's MAS sets up data analytics group

14 February 2017  |  6425 views  |  0 comments | 7 tweets | 14 linkedin
Singapore makes cashless payments push

Singapore makes cashless payments push

19 August 2016  |  12845 views  |  0 comments | 18 tweets | 20 linkedin

Related blogs

Create a blog about this story (membership required)
visit www.abe-eba.euvisit www.vasco.comvisit www.ncr.com

Top topics

Most viewed Most shared
AXA launches blockchain to cover late flight compensationAXA launches blockchain to cover late flig...
11499 views comments | 16 tweets | 30 linkedin
SBI Ripple Asia advances on South KoreaSBI Ripple Asia advances on South Korea
9124 views comments | 16 tweets | 1 linkedin
European Commission makes fintech a priority in supervisory shakeupEuropean Commission makes fintech a priori...
8603 views comments | 34 tweets | 46 linkedin
hands typing furiouslyBlockchain is a new way of thinking?
7240 views 2 | 10 tweets | 1 linkedin
Sophia the humanoid gets UBS conference speaking gigSophia the humanoid gets UBS conference sp...
7009 views comments | 16 tweets | 19 linkedin

Featured job

Competitive
New York, NY - USA (some flexibility on location)

Find your next job