What? SG’s payments scene is evolving!

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Hello reader,

When it comes to convenient payment options, I have to say we’re pretty spoiled for choice in Singapore. My wife regularly leaves her wallet at home when she goes out, because all she needs is her phone to pay for just about anything.

I’m generally a “don’t fix what ain’t broke” kind of person, which means I’ve stuck to using my debit and credit cards for online purchases. I still haven’t bothered with Grab’s and Shopee’s in-app wallets, for example.

And of course, cash is always welcome if you want to go old school every now and then.

Today’s premium article dives into SGQR+, a new solution that aims to streamline payments for consumers and businesses in Singapore, and how it’ll affect the country’s payments scene.

Today we look at:

• SGQR+ and where it fits in the Singapore payments puzzle
• The US$18 million series A round of a cybersecurity firm
• Other newsy highlights such as people cashing out amid the crypto boost and a Japanese cable company benefiting from AI’s rise

Premium summary

The gamechanging part lies abroad

Image credit: Timmy Loen

As someone whose local payment needs are well and truly sated, I’m just looking for this level of convenience to be established overseas as well. The thought (dream?) of being able to tap the very same card I use at my local supermarket at a terminal in Japan and have the transaction go through – with minimal charges and prep work on my part, if any – now that’s convenience.

Efforts are being made to create that level of seamlessness, or so I’ve read.

• Mission: Integration: Earlier this month, NETS and fintech firm Liquid Group introduced SGQR+, which could potentially increase the number of merchant acceptance points customers can pay using their preferred apps.
• NETS vs. Liquid: While NETS has dominated Singapore’s payment ecosystem with a large merchant network for close to four decades, SGQR+ introduces competition from Liquid Group, which offers merchants an alternative track – one that will allow local payment apps to be used for QR code payments overseas.
• Modern solutions: The SGQR+ system could benefit digital banks and e-wallet providers not currently in NETS’ network the most. Via Liquid Group’s track, users of digital wallets like Google Pay, which is tied to a credit card, will be able to scan and pay via QR codes at more merchants in Singapore.

Read more: As SGQR+ reshapes Singapore’s payment scene, who wins?

Hope the money came in promptly

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