QR codes could get a boost from seven banks in Singapore who will begin supporting it in the island state. Source: Shutterstock

Singaporean banks to support QR payment systems next year

SEVEN BANKS in Singapore will allow consumers to pay using NETS QR code by the middle of 2018, it was announced in a joint press briefing on Monday.

The move could help introduce digital payments to small businesses that might otherwise not be able to access it.

In the press briefing, DBS Bank, OCBC and UOB said they have joined HSBC, Maybank and Standard Chartered Bank to enable QR code payment.

Citibank, a non-NETS participant, has also adopted the digital platform, offering the payment option for small, cash-based merchants.

Singapore wants to convince more people to adopt QR code payment platforms. Source Shutterstock.com

The unified QR code payment platform will be able to accept payments from customers using NETSPay, DBS PayLah!, OCBC Pay Anyone and UOB Mighty. The four foreign retail banks are expected to offer the service shortly.

Furthermore, all of NETS’ more than 100,000 acceptance points will be QR code-enabled by the middle of next year.

The company is also waiving all terminal and transaction fees for three years to encourage smaller sellers to install the NETS payment terminal.

From Nov 17 to Mar 31, 2018, the first 288 customers who make eight QR code payments a month at any participating hawker center will receive USS$28 in rebates.

During this period, the top three sellers at each food center enabled with QR code who, on a monthly basis, receive the highest amount of cashless payments will get cash rewards – US$388, US$288 and US$188, respectively