Singapore, 31 October 2023 – The Monetary Authority of Singapore (MAS) today announced that it will launch a proof of concept (POC) for an interoperable Singapore Quick Response Code Scheme (SGQR+).
The POC, to be conducted from 1 to 30 November 2023, will explore the feasibility of enabling merchants in Singapore to accept QR payments from a variety of payment schemes through a single financial institution.
The POC will be conducted through two separate tracks featuring different technology solutions.
- Track I is led by Liquid Group, which will operate a switch that processes payments between the financial institution serving the merchant and the financial institution serving the consumer. Consumers will also be able to use payment applications linked with credit cards to scan and pay at Liquid Group’s participating merchants.
- Track II is led by NETS, which will allow consumers to scan and pay at NETS’ participating merchants with a variety of local and foreign payment schemes. This solution is currently available to merchants that are part of the Government-subsidised Hawkers Go Digital programme. The POC will test the commercial feasibility of deploying this solution across other merchant segments with merchants paying for this service.
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About Liquid Group
Liquid Group is a leading fintech, headquartered in Singapore. It specialises in global digital payment solutions with the mission to make cross-border P2P and B2B payments more affordable, transparent, and efficient for businesses and individuals. The company also operates XNAP, a QR (C2B) digital payment network, which enables cross-border acceptance of card based digital wallets and QR payment apps across multiple markets in the Asia-Pacific.
Liquid Group is a Major Payment Institution (MPI), regulated by the Monetary Authority of Singapore (MAS) to conduct Account and E-money Issuance, Merchant Acquisition, as well as Domestic and Cross-Border Money Transfers. It is also a member of Singapore’s PayNow and a participant of FAST network.