Nature of E-payment solutions

What is interoperability and why is it necessary for Singapore’s e-payment ecosystem?

According to MAS (FAQs)

last revised 31 March 2021

"In Singapore, we have many e-payment solutions but they may not interoperate with each other. Consumers may not be able to make payments directly to each other or to merchants if both parties use and accept different payment methods. Merchants may also have to provide consumers with multiple POS terminals or other payment acceptance methods. While our approach is not to implement a unified payment solution for Singapore, we should allow for a variety of payment solutions that are competing yet interoperable and convenient. One such example is to encourage the interoperability of payment acceptance solutions, such as UPOS terminals and SGQR so that consumers and merchants have a simple and standardised payments experience. When the e-payments experience is straightforward, people will find it easier to use e-payments for their everyday transactions."