The Monetary Authority of Singapore (MAS) is testing an upgraded version of a standardised payment QR code called SGQR+. The code will allow merchants to accept QR payments effected using a wider range of payment schemes through one financial institution instead of maintaining multiple merchant-acquirer relationships with various payment scheme providers.
SGQR+ will also provide consumers, including tourists, with more payment options, allowing them to use both domestic and foreign QR code payment applications with merchants participating in the proof of concept.
The implementation of SGQR+ may revolutionise the system of payments in Singapore by offering consumers and merchants various payment options. It may also play a key role in promoting better regional payment connectivity and improving trade and investment activities in Southeast Asia.
More details can be found here:
https://www.mas.gov.sg/publications/monographs-or-information-paper/2023/interoperable-qr-payments-in-singapore-whitepaper