Forum: Banks association and NETS looking at improving integration among payment schemes
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We thank Professor Daniel Rabetti for sharing his thoughts on Singapore’s digital payments system ( Cashless but confusing: Can S’pore fix its digital payments system?,
As the scheme owners of PayNow and Nets QR, we are committed to making QR payments easy to use.
Today, SGQR (Singapore’s universal QR code standard) is widely used by Singaporeans every day. PayNow, which is available on SGQR, is used by more than 90 per cent of Singaporeans and Singapore businesses, with 10.6 million registrations and a monthly transaction value of $23 billion.
Through SGQR, Nets supports a total of 45 local and foreign banks and wallets across more than 42,000 payment points in its role as an aggregator of payments, enabling efficient transactions for the ecosystem. This includes supporting the Hawkers Go Digital Programme, which is led by government agencies to help hawkers adopt e-payment solutions. Overseas visitors from China, Malaysia, Indonesia, India and Thailand can also use SGQR at Nets merchants.
Users and merchants have a diverse range of payment solutions to choose from, based on their preferences. Both Nets and PayNow operate in an open network, accepting payments from bank and wallet apps from Singapore and multiple countries. The banks and payment service providers will continue to provide good education to all users. Users should look for the logos of the payment scheme they wish to use on the SGQR label at the merchant.
ABS and NETS are exploring ways to improve integration and interoperability among widely used payment schemes.
Ong-Ang Ai Boon
Director
The Association of Banks in Singapore
Lawrence Chan
Group Chief Executive Officer
NETS
