Overhaul of NETS' QR Code Payment System to Create Fully Open, Interoperable Standard

Mr Yip Hon Weng asked the Prime Minister and Minister for Finance whether are there plans to guide NETS towards a fundamental overhaul of its QR system, moving beyond incremental patches to establish a fully open, interoperable standard that creates a seamless, unified payment experience for all consumers and merchants.

Mr Gan Kim Yong (for the Prime Minister): In Singapore, SGQR is a scheme that consolidates multiple payment schemes into a single QR label, so merchants need not display multiple QR codes from different schemes. With SGQR, merchants and consumers can choose their preferred payment service providers and schemes. Consumers can pay using their preferred payment app among the merchant's accepted options. SGQR allows for competition among payment service providers. Merchants and consumers benefit from competition and choice. Making all payment schemes interoperable with each other will reduce competition and affect the services and costs to merchants and consumers.

There are other ways to enable consumers to access a wider network of merchants. For example, NETS, which operates one of Singapore's largest networks, has partnered other payment schemes to accept payments from users of those schemes. Customers of 14 payment providers can already make payments to NETS merchants seamlessly using their preferred app. Users of seven international schemes, such as DuitNow, PromptPay and QRIS, can also make cross-border payments conveniently to NETS merchants. The Monetary Authority of Singapore will look for further opportunities and options to improve the payment experience to consumers and merchants, including supporting commercial interoperability arrangements.