From 27 September 2022 to 28 October 2022, the InfoComm Media Development Authority (“IMDA“) and the Monetary Authority of Singapore (“MAS“) are conducting a consultation exercise to obtain feedback on their proposals to strengthen participation in the Singapore Quick Response Code Scheme (“SGQR“). The main proposals are:
- To introduce a set of guidelines laying out MAS’ expectations on all Relevant Merchant Acquirers who participate in SGQR. A “Relevant Merchant Acquirer” refers to any major payment institution or any exempt payment service provider under the Payment Services Act 2019 that provides merchant acquisition service to any merchant through a static QR code at that merchant’s physical place of business;
- To introduce a fee structure model for SGQR Members; and
- For the Banking Computer Services Private Limited to conduct regular batched onboarding exercises for prospective merchant acquirers.
The consultation is targeted at all Relevant Merchant Acquirers, as well as applicants for a major payment institution licence to provide a merchant acquisition service. This Update outlines the key points of the proposals.
For more information, click here to read the full Legal Update.
