NETWORK for Electronic Transfers (Nets) and Liquid Group have each announced plans to expand their services based on the interoperable Singapore Quick Response Code Scheme (SGQR+).
On Thursday (Nov 7), Nets said it would roll out the scheme to acceptance points across Singapore, while Liquid announced plans to launch its cross-border QR payments initiative by Q4 2024.
Both local electronic payment service providers said their developments build on the Monetary Authority of Singapore’s (MAS) successful SGQR+ proof-of-concept (POC).
SGQR was first introduced in 2018 by MAS to consolidate multiple payment QR codes under a single label.
In November 2023, the central bank conducted its SGQR+ POC to enable interoperability for payment schemes, such that merchants in Singapore may accept QR payments from a variety of payment schemes with a single merchant acquirer.
During the POC from Nov 1 to Nov 30, 2023, consumers could make payments using apps partnered with Liquid as a switch operator – or Nets as a master merchant acquirer.
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Islandwide roll-out
In Nets’ upcoming commercial roll-out of SGQR+, the scheme will be available across 24,000 acceptance points islandwide. SGQR+ issuers’ wallets will also be extended to the hawker segment, bringing the total acceptance points to 35,000.
The islandwide roll-out will see three new issuers – dtcpay, Maribank and Maybank – come on board, bringing total payment schemes and issuers to 18.
Upon the completion of the scheme’s “technical live” – where SGQR+ becomes fully operational in a production setting – by Q4 2024, customers of existing issuers including Maybank will be able to make payments at participating merchants. MariBank and dtcpay customers may do the same by Q2 2025.
“With Nets, each merchant only needs one commercial arrangement to accept payments from multiple domestic and inbound payment options. It also gives them access to a wider customer base and allows both merchants and consumers to transact more easily, efficiently and safely,” commented group chief executive Lawrence Chan.
Nets also said it saw potential for SGQR+ to integrate with various payment schemes regionally, broaden consumer options, and enhance network connectivity.
QR payment switch solution
Separately, Liquid announced plans to launch roamQR – a QR payment switch solution that routes payment transactions between multiple acquirers and payment service providers – to support cross-border payments.
Dubbed by the group as “the next phase of SGQR+”, roamQR’s Singapore launch is slated to take place in Q4 this year before it expands domestically and internationally by Q1 2025.
The interoperable switch was developed in collaboration with Liquid’s industry partners, and is expected to eventually connect over 50,000 merchants in Singapore and over 50 million globally.
Liquid said roamQR will enhance interoperability among local and international e-wallets, mobile payment apps, merchant acquirers and national QR networks across 11 international markets including Japan, China and Brazil.
Notably, it will support both e-money “push” transactions and card scheme-linked “pull” QR payments.
In a push transaction, a transfer of funds is initiated by a payer to the payee, for instance, sending the payee a sum of money through an electronic funds transfer.
A pull payment is a merchant-initiated transaction where the payee sends a request to automatically collect a specified amount, with the payer providing authorisation for the funds to be debited.
“By serving as a switch, we are enabling connections among various e-wallets, merchant acquirers, and national networks, allowing anyone to participate and be recognised within the network,” said Liquid chief executive Jeremy Tan.
“This many-to-many approach fosters competition, driving improvements and innovation that benefit both consumers and merchants,” he added.
