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InteroperableQRpaymentsinSingapore

Contents

Preface

3

Executivesummary

4

1.Singapore’spaymentslandscape

5

2.Movingtoanextlevelinteroperablepaymentsecosystem

8

3.SGQR+proofofconcept

15

4.Nextsteps

20

5.Acknowledgements

22

AnnexureI:SingaporeFinTechFestival(SFF)activities23

AnnexureII:GlobalissuanceacceptancecoverageforSGQR+POC24

AnnexureIII:Collaborativeendeavor–jointtrackinitiative25

InteroperableQRPaymentsinSingapore|2

Preface

Inarapidlydevelopinglandscapeofdigitalpayments,

interoperabilitywillbekeyforSingapore’spaymentsecosystem

toremaininnovative,inclusive,andefficient.

QuickResponse(QR)codepaymentshaverapidlybecomethepaymentinstrument

ofchoiceformerchants.ImplementinganinteroperableQRcodepayments

infrastructureinSingaporecanenablesmoother,moresecure,andaccessible

transactionsbetweenbusinessesandconsumers.Itwillpotentiallysimplifythe

dailyoperationsandsupportthepaymentneedsofmicroandsmallmerchants,

whichareessentialforavibrantbusinesslandscape.

Singapore’sexistingpaymentsinfrastructurehassignificantlystreamlinedpayment

processesforbothbusinessesandconsumers.ThewidelyadoptedSingapore

QuickResponseCodeScheme(SGQR)hasprovidedalowcostandinfrastructure-

lightsolutionformerchantsacrossthecountrytoacceptsafe,simple,andswift

paymentsdigitally.Asmerchantsseektoscaletheirbusinessesandserveawider

rangeofdomesticandforeignpaymentusers,theneedforreal-timeinteroperable

QRpaymentswillbecomemorecritical.

ThispaperintroducestheconceptofaninteroperableSGQR(SGQR+)asapotential

solutionforSingapore’sinteroperableQRpaymentsinfrastructureofthefuture.

Byconnectingpaymentprovidersandmerchantsseamlessly,SGQR+aimsto

addresscurrentmerchantchallengesandunlocknewavenuesfordigitalinclusion.

Itsignifiesacommitmenttonurturinginnovation,promotingeaseofdoing

business,andfosteringadynamiceconomy.

Asweventureintothistransformativephase,thedatagatheredfromtheSGQR+

ProofofConcept(POC)detailedinthisreportwillserveasafoundationforthe

implementationofSGQR+.Thisinitiative,builtonrigorousresearch,innovation,

andmarketinsight,willpavethewayforaresilientandafuture-readypayments

infrastructurethatempowersconsumers,merchants,andpaymentproviders.

InteroperableQRPaymentsinSingapore|3

Executivesummary

ThisreportpresentstheresultsofacomprehensivefeasibilitystudyonthepotentialfortheintroductionofSGQR+asSingapore’sfutureinteroperablepaymentsinfrastructure.

ThestudywasconductedbytheEYorganization,and

Singapore’skeypaymentnetworkoperator,BankingComputerServices(BCS),withthesupportoftheMonetaryAuthority

ofSingapore(MAS).Thestudy’skeyareasoffocuswereto

determinethereadinessofmerchantsandpaymentproviderstoadoptinteroperableQRpayments,andthebenefitsofenablingseamlessandsecurecross-platformQRpaymenttransactions.

InSingapore,customerpreferencesforcashlesspayments

havedriventheuptakeofQRpaymentsamongmicroand

smallmerchants.PaymentprovidersfollowedthisuptakewithsolutionsforQRpaymentstoaddressmerchantneeds,furtherdiversifyingpaymentoptionsinSingaporeandenablinglower-costcashlesspayments.

In2018,theSGQRwasestablishedasthecommonQRcodestandardtoconsolidatemultiplepaymentschemesintoa

singleSGQRlabel.Thisstandardizedframeworksimplified

andstreamlinedpaymentprocessesforbothconsumersandmerchants,eliminatingtheneedformultipleQRcodes.

However,initscurrentform,SGQRsimplyservesas

arepositoryformultiplepaymentschemes.Further

enhancementsareneededtoaddresschallengessuchastheneedformerchantstomanagerelationshipswithmultiple

paymentprovidersandthelackofinteroperabilitybetweenpaymentschemes.

Asseeninmultiplecasestudiesaroundtheworld,

interoperabilityiscrucialtoensuringseamlessandconvenient

transactionsacrossdifferentpaymentproviders,reducingfragmentationandfosteringofaunifiedQRpayments

ecosystem.

InSingapore,theSGQR+concepthasbeendesignedtooffer

aninteroperableQRpaymentsinfrastructurethatcouldserveasananchorbetweenmultiplepaymentproviders,allowingforseamlesscashlesspaymentsandreducingtheadministrative

burdenformerchants.

TheSGQR+conceptwillbedemonstratedthroughaPOC

from1-30November2023,inconjunctionwiththeSingaporeFinTechFestival(SFF)2023.ThePOCwillberolledoutwiththeparticipationoffivemerchantacquirers,morethan20local

andinternationalpaymentschemes,andmorethan1,000

merchantacceptancepointsattheSFFvenueandintheChangi

district.AfterthisPOC,inputswillbegatheredfromPOC

participantstohelprefinetheSGQR+conceptandassessthepotentialforawiderimplementationofSGQR+infuture.

InteroperableQRPaymentsinSingapore|4

QRenabled

6%Others

57%2022

Cards

18%Digitalwallets

Non-QRenabled

(contactlesspaymentsviamobiledevices)

1.Singapore’spaymentslandscape

InSingapore,risingconsumerdemandforcashlesspaymentshasledtomicroandsmallmerchantsrapidlyadoptingQRpaymentsolutions.TheresultinggrowthinQR-enabledtransactionvolumeispredictedtocontinuesurginginthecomingyears.

1.1.Theriseofcashlesspaymentmethods

Asanationwithwell-developedfinancialinfrastructureandextensiveaccesstofinancialservices,debitandcreditcardshavebecomethepreferredmethodforconsumerpaymentsinSingapore.Collectively,cardanddigitalwallettransactionsmadeupmorethan75%ofSingapore’stransactionmethodsin2022,suggestingsignificantconsumerdemandfor

cashlessandconvenientpayments.AccordingtotheGlobal

PaymentsReport,cards1constituted57%ofpointofsale(POS)transactions,digitalwallets2comprisedof18%,whilecash

paymentsaccountedfor19%.

1.2.TheemergenceofQRcodes

MerchantswantingtoacceptcashlesstransactionscanuseeitheranElectronicPointofSale(EPOS)system,requiring

terminalsorcardreaders,ortheinfrastructure-light

alternativeofQRlabels.Comparedwithtraditionalcard-basedtransactions,QRpaymentsofferaconvenientandlow-cost

alternative,makingthemeasilyaccessibletomicroandsmall

businesses.Lowerprocessingfeesmeansavvymerchantscanpassthesesavingsontocustomersintheformofdiscountsorreducedtransactioncosts.

ForSingapore’smicroandsmallmerchants,whichgenerallylackedEPOSsystems,simpleandlow-costQR-enabled

transactionsbecameapopularandburgeoningformof

payment.Asmerchantdemandforcashlesstransactionsgrew,industryplayersstartedtoincreasinglyleverageQR

payments,whichgainedtractionamongalargecustomerbase.Useradoptionbegantogrowrapidly,drivenbypromotional

tactics,includingdiscountoffersandincentivesofferedonQRtransactions.

ThisresultedinQR-enabledtransactionsincreasingextensivelyataCompoundAnnualGrowthRate(CAGR)of72%between

2017to2022,constituting3%ofdigitalwallettransactions.Thisupwardtrendisexpectedtocontinue,withthevolumeofQRtransactionsinSingaporeprojectedtogrowataCAGRof36%between2022to2026.

2022POSpaymentmethodsinSingapore

19%Cash

3%

97%

2022

Source:GlobalPaymentsReport,EY-ParthenonAnalysis

1.Cardtransactionsrefertotheuseofphysicalcreditanddebitcard.

2.Digitalwallettransactionsrefertocontactlesspaymentsmadeviamobiledevices.

InteroperableQRPaymentsinSingapore|5

1.3.AfirststeptosolvethelimitationsandchallengesofQRpayments

AsQRpaymentsbecameincreasinglypopular,payment

providersbeganusingQRlabelsasmarketingtools.This

trendledtotheproliferationofmultipleQRlabelsinretail

establishmentsasbusinessestriedtocatertotheircustomers’varyingpaymentwalletpreferences.Asaresult,merchant

storefronts,whichwouldotherwisehavebeenusedas

advertisingspaces,becameclutteredwithQRlabels.Whilethisapproachofferedcustomerschoiceandconvenience,italso

reducedretailspacesavailableformerchantstogeneratesales.

InSeptember2018,theInfocommMediaDevelopment

Authority(IMDA)andMASco-launchedSGQRtoaddresstheseissues.SGQRcombinedmultipleQRpaymenttypesinto

asingle,standardizedQRcode,enablingsimplercashless

transactionsforbothconsumersandmerchants.Asof

September2023,SGQRhadbeenadoptedby31financial

institutionsandmorethan239,000merchantsinSingapore.

1.4.BenefitsofstandardizingQRPaymentswithSGQR

SGQRworksbyusinganEMVCo3standardstaticQRcodewithacentralizeddatabasewherevariouspaymentschemes,banksandpaymentserviceproviderscanstoretheirrespectiveQR

codes.Therepositoryconsolidatesdifferentpaymentoptionsintoasingleplatform,deliveringasimplifiedpaymentprocessforconsumersandbusinesses.SGQRenablese-walletsand

bankapplicationstoeasilysupportcashlessandcost-effectiveconsumer-to-businesstransactions.

3.EMVCoisaglobaltechnicalbodythatfacilitatesworldwideinteroperabilityandacceptanceofsecurepaymenttransactionsbymanagingandevolvingtheEMV(Europay,Mastercard,andVisa)Specificationsandrelatedtestingprocesses.EMVCo,whichiscollectivelyownedbyAmericanExpress,Discover,JCB,Mastercard,UnionPayandVisa,wasformedin1999toenablethedevelopmentandmanagementofspecificationstoaddressthechallengeofcreatingglobalinteroperabilityamongdifferent

countriesandtodelivertheadoptionofsecuretechnologytocombatcardfraud,andtoserveasacatalystforinnovationinthepaymentsindustry.

ForfurtherdetailsonSGQR,kindlyrefertothefollowinglink:

.sg/development/e-payments/sgqr

InteroperableQRPaymentsinSingapore|6

SGQRhasbroughtsignificantbenefitstoconsumers,merchants,and

paymentproviders:

•SingleQRcodeatmerchantstorefronts

MultipleQRcodeshavebeenconsolidatedintoasingleQRcode,asbusinessesnolonger

needtodisplaynumerousQRlabelsassociatedwithdifferentpaymentoptions.Instead,

asingleSGQRlabelcanbeprominentlydisplayed.AstandardSGQRlabelmakesiteasier

forcustomerstoidentifyapaymentQRcode,andmerchantsonlyneedtosafeguarda

singlepaymentQRlabelagainstfraudandmischief.

•Multiplecashlesspaymentoptions

Throughaninfrastructure-lightpaymentsolution,SGQRpresentedanalternativeto

EPOShardware.ThestaticSGQRlabelactedasasingle-entrypointforvariouspayment

schemesandallowedcustomerstotransactwiththeirpreferredpaymentmethodfroma

rangeofavailableoptions.

•IncreasedconsumerconfidenceinQRpayments

Withtherobustsupportandoversightofregulatoryauthorities,SGQRhasbecome

atrustedandsecureplatformfordigitalpaymentsinSingapore.Thecomprehensive

standardsandguidelinesestablishedbyregulatorsassuredconsumersofthereliability

andsafetyofQRtransactions,furtherdrivingtheadoptionofQRpayments.

bDeclutteringmerchantstoresbyconsolidatingmultipleQRlabels

bEnablesbusinessestooffermultiplecashlesspaymentoptions

bIntroductionofSGQRstandardsbyregulatorshaveincreasedQRusage

However,SGQRalsohascertainlimitations:

•Merchantsneedtoformcontractswithmultiplepaymentsproviders

Toenablemultiplepaymentschemes,eachmerchanthastobe

independentlyonboardedandprovidedwithsettlementsandstatementsofincomereconciliations.Thiscreatescomplexitiesandadministrative

burdensformerchants,whoneedtomanagevariousrelationshipsandprocesseswithdifferentpaymentproviders.

•SGQRfacilitatedaninteroperablepaymentsecosystembutdoesnotprovideforit

SGQRservesasarepositoryoflabelsformultipleclosed-loop4and

independentlyformedopen-loop5schemes,suchasPayNow.While

SGQRprovidesaunifiedQRcodesolution,theclosed-loopnatureofthepaymentschemesremains.

bMerchantsneedtomanagemultiplepaymentproviderrelationshipsandprocesses

bSGQRonlyfacilitatesforaninteroperableecosystem

4.Closed-loopedschemesrefertopaymentschemesthatonlyhasasingleissuingwallet/paymentappoperatinginthenetwork.

5.Open-loopedschemesrefertopaymentschemesthathavemultipleissuingwallets/paymentappsoperatinginthesamenetwork.

InteroperableQRPaymentsinSingapore|7

2.Movingtoanextlevel

interoperablepaymentsecosystem

SGQR+buildsonSGQRasthenextgenerationinteroperablepayments-to-merchantssolution.SGQR+isdesignedinamannerthatalignswithSingapore’svisionofaseamless,accessible,andinteroperablepaymentsecosystem.Ourfeasibilitystudythereforebeganbyconsideringthefundamentalmotivations

forinteroperabilityaroundtheworldandthebenefitsbeingdeliveredbydifferentinteroperablepaymentsolutions.

2.1.Motivationsforinteroperability

Ourstudyfoundthatdifferentcountrieshadvaryingmotivationsforpursuinginteroperability,whichinturnshapedthefuturestateoftheirinteroperablepaymentsystems.Whilesomenationsprioritizedfinancial

inclusion,seekingtoextenddigitalpaymentservicestoallsegmentsofthepopulation,othershadsetemphasisonenhancingcompetitionandinnovationinitspaymentsindustry.

Observedbenefitsofinteroperabilityinclude:

1

2

3

4

5

6

Streamliningofcustomerandmerchantexperience

BringingwiderchoicesofpaymentmethodstocustomersthroughastandardizedQRcodeandreducingadministrativeburdenonmerchantswithanefficientreconciliationprocess.

Preparingforsystemiccross-borderconnectivity

Increasinginboundtransactionsthroughcross-borderlinkages,whileprovidingaseamless

paymentsexperiencetoinboundcustomers.

Bolsteringfinancialinclusiontounlockthepotentialofmicroandsmallbusinesses

Allowingacquirerstocaptureamoreholisticviewofamerchant’scashflows(comparedwith

closed-looppaymentecosystems),enablingalternativecreditscoringtoincreaseunservedor

underservedlending.

PromotingQRpenetrationthroughschemeparticipants

Encouragingschemeparticipantstodevelopserviceofferingswithafocusonbothmerchants

andconsumersbyleveragingenhancedpropositionsmadefeasiblebyschemeincentivesand

favorableuniteconomics.

Introducingsecurityandqualitystandards

Establishingcleargovernancerulesforfacilitatingpaymentsandsettingupinfrastructurethatstandardizestechnology,testingrequirements,andtransactionprocesses.

Ensuringacompetitiveanddiversemarket

Accessinggranulardata,previouslyheldwithinproprietaryclosedloops,providesregulators

withbetteroversightoftheQRpaymentsmarket,andallowsforinterventionwherenecessarytoensurefaircompetitionanddiversityamongstQRpaymentproviders.

InteroperableQRPaymentsinSingapore|8

Code,PIX

2.2.Globalcasestudies

Acrosstheworld,manycountrieshaverecognizedthetransformativepotentialofinteroperableQRpayments

andareimplementingstrategiestoformwell-connectedandinclusivepaymentecosystems.

GlobalQRinteroperabilitymap

Philippines–QRPh

Thailand–Malaysia–Singapore

ThaiQR

DuitNowQR

India–UPI

–UpcomingSGQR+

Kenya–

M-Pesa,mVisa

Indonesia–

QRIS

SouthAfrica–

MasterPass

Mexico–CoDi

Brazil–PixQR

Legend

ShareofglobalpaymentsQRmarketInteroperablecountries

LowHigh

InteroperableQRPaymentsinSingapore|9

WhilethebenefitsofinteroperableQRpaymentsareclear,nationsareatdifferentstagesofadoptinginteroperableQRpaymentssolutions,primarilyduetovariationsinconsumerpreferencesforcashlesspayments.Thefollowingcountrieshavesuccessfullyachievedvariousdegreesofinteroperability,withsomehavingestablishedwell-connectedcross-borderQRpaymentsystems.

Brazil

Launchedin2020,PixQRisthestandardQRcodethatfacilitatesinteroperablepaymentinitiationforallpaymentschemesinthecountry.EstablishedbytheCentralBankofBrazil,PixQRreliesonthenation’sreal-timepaymentsplatform,Pix,whichallowspeople,companies,andgovernmentalentitiestosendorreceivepaymenttransfersinreal-timebytransferringfundsbetweentransactionalaccounts.

India

Launchedin2016,theUnifiedPaymentsInterface(UPI)QRisoneofthedigitalpaymentsacceptancechannelsofIndia’sreal-timepaymentsplatform,UPI.EstablishedbytheNationalPaymentsCorporationofIndia(NPCI),thisinteroperableQRpaymentssystemempowersmerchantswithseamlessaccesstocashlesspaymentswhileminimizingtheoperationalburdenandreducingtherisksassociatedwithhandlingcash.

Indonesia

Launchedin2019,theQuickResponseCodeIndonesianStandard(QRIS)isaninteroperableQRcodestandard

establishedbyBankIndonesiaandtheAsosiasiSistemPembayaranIndonesia(ASPI)aspartofIndonesia’sPaymentSystemVision2025.In2019,thecountry’smandatedQRstandardconsolidatedanarrayof26proprietaryQRcodesintoasingleQRIScode,reducingconfusionaroundQRpaymentusageanddeclutteringmerchantstorefronts.QRIS

hassinceestablishedcross-borderlinkageswithMalaysia(DuitNow),Singapore(upcominglinkagewithNETSQR),andThailand(PromptPay).

Malaysia

Launchedin2018,DuitNowQRisMalaysia’snationalQRstandard.ItreliesonDuitNow,thenation’sreal-time

paymentsplatform,whichwasestablishedbyPayNetundertheBankNegaraMalaysia’s(BNM)InteroperableCreditTransferFramework.Thenetworkismadeupofmorethan40participatingbanksande-wallets,withanestablishedcross-borderpaymentnetworkwithIndonesia(QRIS),Singapore(NETSQR),andThailand(PromptPay).

Philippines

Launchedin2021,QRPhisthestandardizedQRcodebyBangkoSentralngPilipinas(BSP).QRPhenables12BSP-supervisedfinancialinstitutionstogenerateQRcodesthatareinteroperablewithoneanother.Throughthis

standardization,amerchant’sQRPhcodecanbescannedbytheQRe-walletplatformsofallparticipatingbanks.

Singapore

Launchedin2018,SGQRisthestandardizedQRcodewhichcombinedmultipleQRpaymenttypesintoasingle

QR,enablingsimplercashlesstransactionsforbothconsumersandmerchants.AsofSeptember2023,thereare

31membersofSGQR,allbeingfinancialinstitutionsthatconductmerchantacquisitionservicesinSingapore.NETS,thelargestmerchantacquirerinSingapore,introducedNETSQRtoprovideQRpaymentservicestomerchantsusingSGQR.ThroughtheutilizationofSGQR,NETShasimplementedaninteroperableQRsystemwithmorethan21local

andforeignbanksande-wallets,designedformerchantsinthefoodandbeveragesector.NETSQRhasalsoestablishedcross-borderQRpaymentlinkageswithmultiplecountriesthatincludeChina(UnionPayQR),Indonesia(upcoming

linkagewithQRIS),Malaysia(DuitNow),andThailand(PromptPay).

Thailand

Launchedin2017,ThaiQRisaregulatory-ledharmonizationthatreliesonPromptPay,itsreal-timepayments

platform.ThaiQRwasestablishedbytheBankofThailand(BoT)asapartofthecountry’sNationale-PaymentMasterPlantoimproveunbankedandunderbankedfinancialinclusionanddriveeconomicdevelopmentinthecountry.

Thailandhasestablishedlinkageswithmultiplecountriesintheregion,includingCambodia(KHQR),Indonesia(QRIS),Japan(NTTData,StarPay),Malaysia(DuitNow),Singapore(NETSQR),andVietnam(VietQR).

InteroperableQRPaymentsinSingapore|10

InteroperableQRPaymentsinSingapore|11

SCANTOPAY

ZYXWVUTSR

ABCDEFGHIJKLMSHOP

Aggregatorofschemes

Model

Allowsfortransactionswithall

SGQR+participants

Singlepointofreconciliation

Onlyprimaryacquirerwithsinglemerchant

Singlepaymentnotificationsystemperpoint-of-sale

2.3.IntroducingSGQR+

SGQR+aimstojumpstartinteroperableopen-loopQR

paymentsinSingapore,unifyingadiverserangeofpaymentproviderstooffercustomersandmerchantsaseamlessandconvenientpaymentsexperience.

Inthisconcept,bothSGQRandSGQR+payloadswillco-existinasingleSGQRlabel,offeringbothQRpaymentscheme

options.Withtheseoptions,merchantswillhavetheflexibilityinselectingabasicorinteroperableQRpaymentschemefor

theirbusinessneeds.WhilesomemaycontinuetouseSGQRasasimple,reliable,andstandardizedQRcodesolution,

SGQR+canenablemerchantstosignificantlyexpandtheir

consumerbaseandleveragethebenefitsofaninteroperablepaymentsscheme.

BothSGQRandSGQR+payloadswillco-existinasingleSGQRlabel.

ABCDEFGHIJKLMSHOP

SCANTOPAY

Repositoryoflabels

AllowsfortransactionswithonlycontractedSGQRparticipants

Multiplepointsofreconciliation

Features

Multipleacquirerswithsinglemerchant

Multiplepaymentnotificationsystemsperpoint-of-sale

Paymentproviders,whetheranexistingmemberofSGQRorpartofanopen-loopscheme,willbeabletojoinSGQR+,withSGQR+servingasaschemeaggregator.SGQR+willbeabletoseamlesslyconnectallparticipants,enablingtheirpaymentoptionstobeacceptedatmerchantstoresacquiredbyanyschememember.

InteroperableQRPaymentsinSingapore|12

01

Empoweredto

selectapreferred

acquirer

02

One-touch

servicingby

primaryacquirer

03

Singledata

sourcefor

reconciliation

OtherSGQRacquirers

Potentiallyimprovedpropositiondueto

increasedcompetitionamongacquirers

Acquirer2Userbase2

AllSGQR+transactions(on-usandoff-us)

viaprimaryacquirerandoperator

Acquirer1

Acquirer-merchantrelationship

Improvedmerchantexperience

Acquirer2

Acquirer1

Settlementreport

vs.

MerchantPrimary

acquirer

Acquirer1Userbase1

Merchant

SGQR+vs.

users

Merchant

SGQR+primaryacquirer

vs.

Merchant

Merchant

Primaryacquirer

Streamlined

settlementsand

reconciliationprocess

Merchant

Acquirer2

2.4.BenefitsofSGQR+

SGQR+enablesmerchantstoacceptmultiplepaymentschemesbyregisteringwithasingleacquirer,resultinginamore

streamlinedtransactionjourney.Throughtheirpreferredprimaryacquirer,merchantswillbeabletooptimizepayment

acceptanceprocesseswiththecontinuedserviceofon-ustransactions6,andtheenablementofoff-ustransactions7.TheimprovedQRpaymentschemewillalsoallowmerchantstoselectasingleacquirertopartnerwith,eliminatingtheneedtomanagemultipleacquirerrelationshipsandperformseparatereconciliationprocessesforeachacquirer.

Improvedexperience

Currentexperience

Benefitsformerchants

Legend

Merchant

Users

Operator

SGQR+acquirer

SGQRacquirer

6.On-ustransactionsrefertotransactionswheremerchant’sacquireranduser’schoiceofissuingwalletarethesameentities.

7.Off-ustransactionsrefertotransactionswheremerchant’sacquireranduser’schoiceofissuingwalletaredifferententities.

InteroperableQRPaymentsinSingapore|13

ABCDEFGHIJKLMSHOP

SCANTOPAY

ZYXWVUTSR

A

A

ConsistentwithexistingSGQRuserjourney

ABCDEFGHIJKLMSHOP

SCANTOPAY

ZYXWVUTSR

B

B

N.A.

Interoperabilityamongpaymentschemeswillfurtherelevatetheconsumerpaymentexperiencebyincreasingthenumberofwalletapplicationsmerchantscanaccept.WithSGQR+,consumers,includinglocalresidentsandforeignvisitors,willbeabletoconvenientlytransactusingtheirdesiredpaymentappore-walletatawiderrangeofmerchantstores.

Improvedexperience

Currentexperience

Benefitsforconsumers

01

Continuationof

on-us

transactions

02

Abilityto

performoff-ustransactions

A

A

A

A

A

B

Nochangeinuser

journey

Higherconvenience

throughincreased

acceptanceof

preferredapp

Betteraggregation

ofcustomerdatato

deriveexpenditure

insights

InteroperableQRPaymentsinSingapore|14

3.SGQR+proofofconcept

APOCofSGQR+willbeconductedfrom1-30November2023inconjunctionwithSFF2023

(RefertoAnnexIfordetailsonSFFactivities)todemonstrateusecasesoftheSGQR+conceptandexplorethefeasibilityofawiderrolloutinfuture.ThePOCcomprisesoftwoseparatetracks,eachwithdifferenttechnologysolutionstoenableinteroperableQRtransactionsfrombothlocaland

foreignwallets,irrespectiveofthemerchant’scontractedacquirer.

3.1.POCtestconditions

ThePOCwillberolledoutacrossmerchantsattheSFFvenue

andintheChangidistrict(i.e.,Districts16and17).ConsumerswillbeabletomakeQRpaymentstothesemerchantsusing

anypaymentapppartneredwithLiquidGroup(asaswitchoperator)orNETS(asamastermerchantacquirer).Each

merchantwillbeservedbyasinglemerchantacquirer,

withouttheneedtomaintainmultiplemerchantacquirercommercialarrangements.

Duringtheshowcase,eachparticipatingmerchantwillbe

enabledtoreceiveinteroperableQRpayments,througheithertheXNAPinteroperableswitch(LiquidGroup)orthemaster

merchantacquirer(NETS).MerchantswilldisplayonlyasinglestaticSGQRlabel,suppliedbyonlyoneoftheparticipating

acquirers.Transactionsbetweenconsumersandparticipatingmerchantswillbeverifiedandclearedinstantaneously.

3.2.POCparticipantsatSFF2023

Arangeoflocalandcross-borderpaymentproviderswill

beinvolvedinthePOC,includingfivemerchantacquirers

andmorethan20localandinternationalpaymentschemes(RefertoAnnexIIfordetailsonissuersoftheseinternationalschemes).Morethan1,000merchantacceptancepoints

willbeenabledforinteroperableQRpaymentsduringthePOC(refertoAcknowledgementssectionforthefulllistofPOCparticipants).

3.3.TwotracksforSGQR+POC

ThePOCwillshowcasetwotracks:

•InteroperableswitchbyLiquidGroup

•MastermerchantacquirerbyNETS

InteroperableQRPaymentsinSingapore|15

SGQR+POCTrackI:

InteroperableswitchbyLiquidGroup

TransactionoverviewofXNAPbyLiquidGroup

Legend

Flowoffunds

MerchantA

Acquirer

A/Liquid

MerchantB

WalletA

Ac