# Singapore — payment codes and schemes

> Source: https://docs.barcoder.ai/docs/payments/SG
> extracted at 2026-10-03
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

## 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](https://docs.barcoder.ai/docs/payments/SG/sgqr) | Unified QR | Multi-scheme | Universal | [`sgqr`](https://docs.barcoder.ai/docs/standards/sgqr) |
| [SGQR+](https://docs.barcoder.ai/docs/payments/SG/sgqr-plus) | Enhanced QR | Multi-scheme | 35,000+ | [`sgqr-plus`](https://docs.barcoder.ai/docs/standards/sgqr-plus) |
| [PayNow QR](https://docs.barcoder.ai/docs/payments/SG/paynow-qr) | Bank transfer | QR Code | Widespread | [`paynow-qr`](https://docs.barcoder.ai/docs/standards/paynow-qr) |

## Sources

- [MAS - SGQR](https://www.mas.gov.sg/development/e-payments/sgqr)
- [Edge Singapore - SGQR+ Launch](https://www.theedgesingapore.com/news/singapore-fintech-festival-2024/updated-version-singapores-unified-qr-code-sgqr-launched-nets)
- [NETS - SGQR Label](https://www.nets.com.sg/nets/for-business/sgqr-label)
- [DBS - Scan to Pay](https://www.dbs.com.sg/personal/deposits/pay-with-ease/scan-and-pay)
- [Fintech Futures - World's First Unified QR](https://www.fintechfutures.com/paytech/singapore-unveils-world-s-first-unified-payment-qr-code)
- [CIO - SGQR Launch](https://www.cio.com/article/222253/singapore-launches-unified-qr-code-payment-system.html)
- [Sumsub - APAC Payment Trends](https://sumsub.com/blog/apac-payment-methods/)
- [StashAway - Singapore Banks](https://www.stashaway.sg/r/ocbc-dbs-uob-singapore-bank-stock)
- [Statista - Singapore Banking](https://www.statista.com/topics/10076/banking-industry-in-singapore/)
- [Singapore Fandom - QR Payments](https://singapore.fandom.com/wiki/QR_code_payments_in_Singapore)

## Full country report

[SG-singapore.md](https://docs.barcoder.ai/docs/payments/SG)