SGQR: For Merchant Acquirers
The SGQR membership is only open to the following entities:
- A financial institution holding a licence under the Payment Services Act 2019 (“PS Act”) that entitles the FI to carry on a business of providing a merchant acquisition service.
- A payment service provider exempted under section 13 of the PS Act from holding a licence to provide merchant acquisition service, which will include a bank.
- A public authority under section 3 of the PS Act
In August 2017, the Payments Council established an industry taskforce to develop a set of common payment QR code specifications for e-payments in Singapore. The Council noted the proliferation of more proprietary payment QR codes at merchants risked fragmentation of payment solutions and inefficiency among merchants and consumers.
The SGQR taskforce is co-led by MAS and IMDA, and consists of SGQR members along with other international payment schemes and technology providers.