Major Payment Institutions, Exempt Payment Services Providers to Note SGQR Guidelines Taking Effect On 1 Dec 2023

The Singapore Quick Response Code (“SGQR“) is a single standardised quick response (“QR“) code for e-payments and combines multiple payment schemes into a single SGQR label. The Monetary Authority of Singapore has set out its expectations on Relevant Merchant Acquirers who participate in the SGQR scheme in the earlier issued Guidelines on Participation in the SGQR Scheme (“Guidelines“). 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. The Guidelines takes effect on 1 December 2023. This Update outlines key aspects of the Guidelines.