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SGQR+: Revolutionizing Singapore’s Payment Landscape

What is SGQR+?

Singapore’s payment landscape is undergoing a significant transformation with the introduction of the Singapore Quick Response Code Scheme (SGQR+). SGQR+ represents a step forward from the original SGQR, aiming to streamline and enhance the efficiency of QR code payments. This revolutionary payment method is not just a local upgrade but positions Singapore as a potential global leader in QR payments.

The Concept and Implementation of SGQR+

SGQR+ is a unified QR code payment system that allows merchants to accept a wide array of payment methods by partnering with just one financial institution. This system is a significant leap in interoperable QR payments, facilitating easier and more efficient transactions for both merchants and consumers.

The Monetary Authority of Singapore (MAS) has been instrumental in the development and roll-out of SGQR+. They have launched a Proof of Concept (POC) to test the viability and effectiveness of SGQR+. This POC, divided into two distinct tracks, is being conducted across multiple locations in Singapore, including the Singapore FinTech Festival venue and the Changi district.

SGQR+: A Boon for Merchants and Consumers

For merchants, SGQR+ is a game-changer. By signing up with a single financial institution, they gain the ability to accept a wide range of over 23 payment methods, including both local and cross-border schemes. This approach eliminates the need for maintaining multiple commercial relationships with various financial institutions.

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Consumers, on the other hand, benefit from the increased convenience and flexibility. SGQR+ enables them to use their preferred payment applications, including those linked with credit cards, at a greater number of merchant points. This inclusive approach is particularly beneficial for tourists, who can transact using their native payment applications, further enhancing Singapore’s appeal as a tourist-friendly destination.

The Technology Behind SGQR+

The POC for SGQR+ is driven by two technology solutions:

SGQR+, Singapore Quick Response Code Scheme
  1. Track I: Led by Liquid Group, this track operates a switch that processes payments between the financial institution serving the merchant and the consumer. It focuses on expanding the use of payment applications linked with credit cards.
  2. Track II: Spearheaded by NETS, this solution is currently available to merchants in the Government-subsidized Hawkers Go Digital programme. It aims to test the commercial feasibility of this solution in a broader range of merchant segments.

Banking Computer Services Pte Ltd, operating the SGQR Central Repository, plays a pivotal role in managing the POC and providing technical support to participants.

Enhancing Singapore’s Financial Ecosystem with SGQR+

Singapore’s introduction of SGQR+ is not merely an upgrade to its payment infrastructure; it’s a strategic move to position the city-state as a leader in the global digital payments arena. This part of the article delves into the broader implications of SGQR+ on Singapore’s digital economy and its potential as a model for global payment systems.

SGQR+ and Singapore’s Digital Economy

SGQR+ is poised to play a pivotal role in the evolution of Singapore’s digital economy. By simplifying the payment process and increasing efficiency, SGQR+ supports the nation’s goal of becoming a cashless society. This move aligns with the Singapore government’s broader Smart Nation initiative, which aims to leverage technology to drive societal progress and economic growth.

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The integration of SGQR+ into the existing financial ecosystem enhances the ease of doing business in Singapore. For small and medium-sized enterprises (SMEs), this system reduces operational complexities and costs associated with managing multiple payment platforms. This unified approach helps SMEs focus more on their core business activities, fostering innovation and growth.

Source: Interoperable QR Payments in Singapore whitepaper, MAS

SGQR+ as a Model for Global Payment Systems

Singapore’s SGQR+ offers a blueprint for other countries looking to modernize their payment systems. The key lies in its interoperability, allowing the use of various domestic and international payment schemes through a single platform. This approach could be particularly beneficial for developing countries seeking to boost financial inclusion and digital literacy among their populations.

The system’s potential for scalability and adaptability to different markets makes it an attractive model for countries aiming to enhance their digital payment infrastructures. By learning from Singapore’s experience with SGQR+, nations can develop customized solutions that cater to their unique economic and social contexts.

The Future of QR Payments and Digital Currencies

The success of SGQR+ also opens up conversations about the future of digital currencies and blockchain technology in the financial sector. As digital payments become more prevalent, there’s a growing interest in how digital currencies and decentralized finance (DeFi) could integrate into mainstream payment systems. Singapore’s proactive stance in exploring these technologies places it at the forefront of potential breakthroughs in digital finance.

Addressing Challenges and Embracing Opportunities

As Singapore moves forward with SGQR+, it faces both challenges and opportunities. One significant challenge is ensuring the system’s security and reliability, especially in handling a wide range of payment methods. This concern extends to protecting sensitive financial data and preventing fraud. To address this, continuous technological advancements and rigorous security protocols are essential.

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Another challenge lies in achieving widespread adoption, particularly among smaller merchants and older consumers who may be less tech-savvy. Education and awareness campaigns, along with user-friendly interfaces, can play a crucial role in overcoming this hurdle.

On the opportunity front, SGQR+ offers an invaluable chance to further Singapore’s vision of a Smart Nation. By integrating advanced technologies like Artificial Intelligence and blockchain, SGQR+ can evolve to offer more than just payment processing. It could potentially become a hub for innovative financial services, contributing to Singapore’s status as a global financial center.

Future Prospects: SGQR+ in the Global Financial Ecosystem

Looking ahead, SGQR+ has the potential to significantly influence the global financial ecosystem. Its model of unified payment solutions can inspire other countries to pursue similar initiatives, fostering a more interconnected global economy. As international collaborations increase, SGQR+ could facilitate smoother cross-border transactions, benefiting both businesses and consumers.

Furthermore, SGQR+’s success could catalyze the development of new financial technologies and digital currencies. As digital payments become more integrated into everyday life, SGQR+ may serve as a platform for testing and adopting emerging financial technologies.


SGQR+ marks a new chapter in Singapore’s journey towards financial innovation and inclusivity. It exemplifies how technology can be harnessed to create a more efficient, secure, and user-friendly payment landscape. As Singapore continues to refine and expand SGQR+, it sets a precedent for other nations to follow, potentially reshaping the global digital payment sector.

This exploration of SGQR+ highlights the system’s strengths, challenges, and its potential impact on the future of global finance. As technology continues to evolve, SGQR+ will undoubtedly adapt, remaining at the forefront of payment innovation.

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