Singapore Looking to Develop Common QR Codes for Payments

Singapore is looking to develop a common QR code for payments within the country, to enable transactions with the method between e-wallets, banks, and other services.

Singapore’s Payment Council plans to put out standards for the code by the end of 2017, it was announced yesterday. The council is made up of banks and other financial service providers, including payment providers specializing in QR.

The goal of Singapore’s Payment Council is to better facilitate the development of digital payment technologies within the country.

QR codes had a particular draw, according to the council, because implementing them would require both less infrastructure and less cost than traditional methods such as plastic cards, especially for smaller merchants.

Read more at BankingTech and Finextra.

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