The Monetary Authority of Singapore’s (MAS) new Payments Council has created an industry taskforce to develop a common QR code for the city-state.

To be called SGQR, the taskforce aims to have in place standardised specifications to accept both domestic and international payment schemes by the end of 2017.

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It will also consider the governance structure and implementation strategy for QR payments, MAS said.

The taskforce will be co-led by the MAS and the Info-communications Media Development Authority (IMDA).

The Payments Council was created by the MAS earlier this month to promote e-payments in Singapore. It comprises of 20 members from banks, payment service providers, businesses, and trade associations.

At its inaugural meeting, the council members noted that usage of e-payments was growing in Singapore and there was a variety of e-payment solutions available in Singapore that provided consumers choice. However, interoperability among these solutions I still lacking.

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MAS managing director and Payments Council chairman Ravi Menon said: “The Council is off to a good start. This is the kind of idea exchange and collaboration that we need within the ecosystem to realise our shared vision of an e-payments society. Our goal is to make the payments experience efficient for businesses and delightful for everyone, including the young and elderly.”