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.

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.”