Singapore

ISO SG · 3 schemes

Summary

SGQR is world's first unified payment QR code (2018)
SGQR+ launched November 2024 with 35,000+ acceptance points
PayNow enables instant bank-to-bank transfers via QR
DBS, OCBC, UOB dominate with 53% of STI index
Only 13% cash at POS in 2024 (declining to 8% by 2030)

Banking landscape

Central Bank

Name: Monetary Authority of Singapore (MAS)
Website: https://www.mas.gov.sg/
Role: Central bank, financial regulator, SGQR co-owner

Major Banks (2024)

Rank	Bank Name	Total Assets	2024 Profit	Type
1	DBS	~$450B	S$8.19B	Local
2	OCBC	Large	S$7.59B	Local
3	UOB	Large	S$6.0B	Local

Market Structure

Big Three = 53%: DBS, OCBC, UOB comprise 53% of STI
S$25B profit: Combined record profits in 2024
SE Asia Leaders: Largest banks in Southeast Asia
Global Hub: Major international banking center

2024 Performance

All three achieved record profits
DBS: S$8.19 billion
OCBC: S$7.59 billion (+8%)
UOB: S$6.0 billion (+6%)

Payment infrastructure

National Payment Systems

System	Operator	Type	Status
FAST	ABS	Real-time transfers	Active
PayNow	ABS	P2P instant	Active
SGQR	MAS/IMDA	Unified QR	Active
NETS	NETS	Domestic card/QR	Active

SGQR Standard (2018)

World's first unified payment QR code
Co-owned by MAS and IMDA
Combines multiple payment schemes
Single QR label for merchants

PayNow Features

Instant bank-to-bank transfers
Phone number or NRIC as identifier
QR code scanning
Cross-border with UPI (India)

QR code standards

SGQR (Singapore Quick Response Code)

Attribute	Value
Launch	2018
Operators	MAS, IMDA
Type	Unified multi-scheme QR
Global First	Yes - world's first unified QR

SGQR Features

Single QR code, multiple payment schemes
PayNow, NETS, credit cards combined
Encryption and tokenization security
Standardized for all merchants

SGQR+ Enhancement (November 2024)

Attribute	Value
Launch	November 7, 2024
Operator	NETS
Acceptance	35,000+ points
Rollout	Q4 2024 - Q2 2025

SGQR+ Participating Schemes (24+)

PayNow, NETS, GrabPay
Alipay, Alipay+, WeChat
Visa, Mastercard, UnionPay
Diners, Discover, ShopeePay
DuitNow (Malaysia), PromptPay (Thailand)
EZ-Link, Google Pay, Singtel Dash
And more...

Cross-Border QR Connectivity

Country	System	Status
China	Alipay, WeChat	Active
Indonesia	QRIS	Active
Malaysia	DuitNow	Active
Thailand	PromptPay	Active
India	UPI (PayNow link)	Active

Mobile payment apps

App	Provider	SGQR	PayNow	Cross-border
DBS PayLah!	DBS	Yes	Yes	Yes
OCBC Digital	OCBC	Yes	Yes	Yes
UOB TMRW	UOB	Yes	Yes	Yes
GrabPay	Grab	Yes	Yes	Yes
NETS	NETS	Yes	Yes	Yes

DBS PayLah!

Leading mobile wallet
SGQR scanning
PayNow integrated
Lifestyle features

GrabPay

Regional super-app payment
QR code payments
Cross-border in ASEAN
Rewards ecosystem

Schemes

Scheme	Type	Symbology	Adoption	Technical standard
SGQR	Unified QR	Multi-scheme	Universal	`sgqr`
SGQR+	Enhanced QR	Multi-scheme	35,000+	`sgqr-plus`
PayNow QR	Bank transfer	QR Code	Widespread	`paynow-qr`

Sources

Full country report

SG-singapore.md

Schemes

Standards

Primary · 4

Mentioned · 4