What SGQR is
SGQR is a single QR code label that merchants in Singapore display to accept several payment schemes at once. It was launched in 2018 by the Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA). Before SGQR, a shop counter often carried a separate sticker for each wallet or bank. SGQR follows the EMVCo Merchant-Presented Mode format, with each participating scheme placed in its own merchant account template.
The customer scans the one code with the app they prefer, and that app picks out its own scheme’s details. MAS has also announced an upgraded version, referred to as SGQR+, intended to let merchants accept participating schemes through a single acquirer; details and timing are set by MAS.
PayNow and PayNow QR
PayNow is Singapore’s instant funds transfer service, offered by participating banks and set up through the Association of Banks in Singapore. Instead of an account number, a person uses a mobile number or NRIC/FIN, and a business uses its Unique Entity Number (UEN). A PayNow QR code carries one of these keys, with an optional amount and reference, and can appear on its own or as one scheme inside an SGQR label.
- Mobile phone number (individuals)
- NRIC or FIN (individuals)
- UEN (businesses and organizations)
- Currency code 702 (Singapore dollar), country code SG