Retailers in Singapore are re-evaluating payment methods as merchant service fees for card payments include interchange, network and acquiring bank charges that vary by transaction type. High transaction volumes and low margins in sectors like food retail and convenience stores have made these fees a direct threat to profitability.

Merchants are turning to the unified SGQR system, which combines PayNow, NETS, GrabPay and selected international wallets under a single QR code. This solution reduces hardware requirements, simplifies reconciliation by consolidating transactions into one report and speeds up checkout by allowing customers to use their preferred payment apps.

The Monetary Authority, in collaboration with the Infocomm Media Development Authority, is developing SGQR+ to improve interoperability and acceptance. The upgrade will allow merchants to process a broader range of local and international payment schemes through a single acquirer, facilitating cross-border transactions without added terminals or multiple partnerships.