Prying Systems and Society

Why can’t every app scan every QR code? Singapore’s PayNow vs NETS QR

SGQR stickers sit on counters across Singapore, hawker stalls included, and most of us scan them without a second thought. Just a few years ago, Singaporeans were juggling multiple apps and searching for the right QR code to scan. Launched in 2018, SGQR is now a natural part of paying for goods or services.

Behind the sticker, SGQR is co-owned by MAS and IMDA, and at launch it was adopted by 27 payment schemes, including PayNow and NETS. Today, you check the SGQR sticker for the apps it supports, and your payment runs on the scheme your app is connected to, PayNow or NETS. Because the two schemes are separate, you still match your app to the sticker. MAS and ABS aim to pilot PayNow and NETS QR interoperability by the end of 2026, so that you can scan and pay at any merchant whichever scheme it is on.

  • 11MIDs

    PayNow proxy registrations at the end of 2025, covering more than 90% of Singapore’s adults

    Fintech News Dec 2025

  • 203Kmerchants

    Merchants accepting SGQR payments, the latest count from MAS and IMDA

    Fintech News Oct 2022

  • 31banks

    Banks and merchant acquirers supporting SGQR, per MAS and IMDA

    Fintech News Oct 2022

  • 24Klocations

    Acceptance points on NETS’s multi-scheme SGQR+ bundle

    NETS release Nov 2024

App support: PayNow vs NETS

The sticker lists supported apps, set by whether the merchant signed up with a PayNow bank or NETS.

Singapore apps The Singapore version of each app, used with a Singapore account

Foreign apps Apps from other countries that reach NETS QR through a rail or network

Supported by PayNow

Supported by both

Supported by NETS

Supported on linked national rails

Supported on global wallet networks

One SGQR sticker, scanned by every app

It passes your payment to the scheme your app reaches.

Owned byMASIMDA
Run byBCS

A bank transfer to the merchant’s PayNow ID

Owned byABS
Run byBCS

A network that checks the payment and pays the merchant

Owned byDBSOCBCUOB
Run byNETS

Expand to read the labels.

Check first

PayNow QR is scanned with the existing mobile banking apps of the participating banks or selected apps of the participating major payment institutions, so a PayNow bank’s other apps may not scan. NETS has two label bundles. The base bundle names six apps, and the SGQR+ bundle adds more. SGQR+ is the setup where NETS is the stall’s single acquirer for many payment schemes, so a stall needs one arrangement instead of one per scheme. The Thai, Malaysian, Indonesian and Vietnamese rails are included automatically. Neither page states what it takes for an app to be added.

MariBank scans a printed NETS sticker, not a code on a terminal screen. The Gen2 report lists only six bank apps that scan NETS QR today, so a Citibank, Grab, HSBC or StraitsX user would need another app at a NETS-only merchant.

The overseas rails shown are the ones NETS accepts, and NETS is not the only route. OxPay added Liquid Group’s RoamQR in March 2026 so Singapore merchants can take wallets from more overseas QR schemes, so the rails here may not be the full list.

One sticker, two systems

Choosing PayNow or NETS at signup changes the owner, the clearing and the fee, not the scan.

One label, one scan. MAS and IMDA co-own SGQR, and BCS runs its repository. The routes split when your app reads the logo.

Layer
QR payment over FAST
QR payment through NETS
Front end
What you touch Different QR data

The QR carries a PayNow ID

  • Run by your bank

Your app reads the ID and shows the merchant name for you to confirm.

You then enter the amount and confirm.

For a business the PayNow ID is its UEN.

At DBS the merchant’s statement shows the payer’s name and the reference you entered or the QR carried, and the payer’s bank does not pass the PayNow ID on. DBS

The QR carries a NETS payload

  • Run by your bank or wallet

Your app reads the payload and asks NETS for the merchant name to show you.

The merchant’s name on your screen comes from NETS, not from your bank.

Scheme
Who sets the product and the rules Different owners

A PayNow bank signs the merchant up

  • Owned by
  • Run by

Supported on the apps of participating banks and selected non-bank apps.

MAS and IMDA co-own the SGQR label, and BCS runs its repository. MAS and ABS are folding PayNow’s governance into SPaN, a joint entity targeted to be operational by the end of 2026. MAS and ABS, June 2025

NETS signs the merchant up

  • Owned by
  • Run by

Supported on the apps in NETS’s base and SGQR+ bundles.

DBS, OCBC and UOB own NETS equally.

A merchant that already has an SGQR label from another acquirer gets a replacement label showing both logos. NETS FAQ

Rail
How the instruction travels NETS partly stated

Money moves bank to bank

  • Run by

A FAST credit transfer reaches the merchant’s bank immediately.

PayNow is free to retail customers and runs 24/7, 365 days a year. ABS

Money moves through NETS

  • Run by

Your bank tells NETS you paid, and NETS notifies the merchant.

The merchant is notified on the NETSBiz app or terminal. How your bank’s money reaches NETS is not stated.

NETS tells merchants to treat the notification as the final response and to hand over goods only after a success notification. NETS FAQ

Clearing
Where banks net what they owe NETS not stated

Banks net their payments

  • Administered by SCHA
  • Run by

Payments are added up and netted, so each bank settles one figure.

The merchant is credited almost instantly, so the netting that follows never holds up your payment.

Netting method not stated

  • Run by

NETS runs the network and pays the merchant, so clearing runs through it.

MAS’s list of designated payment systems names NETS EFTPOS and does not name NETS QR. MAS

Settlement
Where the money actually moves NETS partly stated

Net amounts settle in MEPS+

  • Settled by

Banks pay or receive their net amounts in MEPS+.

FAST banks settled twice a day on weekdays in 2018 and ran two cycles a day in 2021, per MAS and the World Bank. A current count is not stated.

Merchant paid next working day

  • Run by

NETS credits the merchant’s account for payments made before 10:30pm.

Which bank settles NETS QR is not stated.

NETS’s merchant agreement allows up to three business days, lets a merchant opt for manual settlement, and needs the account to be at a participating bank. Agreement

NETS’s own SGQR page gives same-day settlement and UOB lists next day, so the statements do not match. NETS

Merchant cost
What the merchant pays Flat vs percentage

A flat fee

S$0.20 a transfer at UOB, waived until 2028

UOB lists S$0.20 per transfer.

The waiver runs until 31 December 2028, and incoming GIRO is free.

Other banks list the same waiver on their own pages. DBS, OCBC, CIMB and HL Bank all waive incoming PayNow fees until 31 December 2028, and DBS reserves a S$0.20 charge for certain use cases and industries.

As of October 2025, the major retail banks waive the receiving fee, with a small fee for add-ons such as notifications, and ABS rules bar merchants from surcharging PayNow payers. MAS

A share of each sale

0.8% of a sale at UOB, or 0.5% for food and beverage

UOB lists 0.8% for NETS QR.

UOB lists 0.5% for food and beverage on its simplyNETS Lite plan, and settles the next day.

NETS may debit its fees from the merchant’s account or set them off against payouts. NETS’s own pages give no rate, and UOB’s is the only list read. Agreement

Expand to read every layer.

How the money flows after the scan

PayNow moves money bank to bank over FAST and settles at MAS. NETS relays it through its own network.

APayNow QR

0 Set-up The merchant registers a PayNow ID with its bank, which registers and issues the label. Registers the PayNow ID Registers the label Label issued 1 Scan Displays the label Scans the label PayNow ID, read from the QR 2 Confirm The account is debited here. Money moves between the banks at settlement. Shows the company name Enters the amount and confirms Debits the account 3 Payment reaches the merchant The merchant is credited immediately. Sends the credit transfer Relays the transfer Credits the merchant’s account Merchant receives the funds Almostinstant 4 Clearing No money moves yet. Each bank ends with one net amount, which goes into the settlement file. Adds up what each bank owes and is owed 5 Settlement In each cycle the clearing house, run by BCS, sends the net amounts to MAS, which settles the banks. Net settlement file At settimes Settles each bank’s net amount Net amount owed, debited Net amount due, credited Earns Pays The saleMember feesFrom membersCustomer feeNone at DBS or OCBCNot statedReceiving feeUOB S$0.20, waivedNot statedThe amountNo PayNow feeReceiving feeNone at major banksAdd-onsSmall alert feeNot statedNot statedNot statedNot stated Customer Merchant Label SGQR Customer’s bank The payer bank Clearing FAST, BCS Merchant’s bank The payee bank MAS MAS

Expand to read the labels.

What to know

PayNow QR

The customer’s bank debits the account and sends a FAST credit transfer, so the merchant is credited almost at once, before the banks settle with each other.

What it costs
Customer
Free no PayNow fee, and merchants may not surcharge
Merchant
S$0.20 per incoming transfer at UOB, waived until 2028
When the merchant sees it
Credit
Immediately at UOB
Money moves over FASTNet settlement at MAS
Supported apps See every supported app

Key facts

Notes

A blank cell means no earning or cost is reported on this flow, and Not stated marks a point with no published figure. UOB lists S$0.20 for each incoming PayNow Corporate transfer and waives it until 31 December 2028. As of October 2025, the major retail banks waive the fee on payments merchants receive, with a small fee for extras such as notifications, and PayNow is free to retail customers. What FAST earns and what the customer’s bank pays for it stay Not stated. Where PayNow QR and NETS QR sit among cards, transfers and GIRO is in How money changes hands in Singapore.

Sources (10) and open questions (3) MAS and IMDA, response to feedback on strengthening participation in SGQR, 23 June 2023UOB, SGQR FAQ for corporatesABS, PayNowDBS, PayNow CorporateDBS, PayNow and Scan & PayWorld Bank, Singapore FAST case study, 2021MAS second reading speech, 8 January 2018MAS reply on PayNow surcharges, 14 October 2025UOB, PayNow CorporateMAS and ABS, PayNow Generation 2 Phase 1 report, Exhibit A5

Open questions

BNETS QR

0 Set-up The merchant signs up with NETS, which registers and issues a label. Signs up for NETS QR Registers the label Label issued 1 Scan Displays the label Scans the label NETS payload, read from the QR 2 Confirm The check shows the merchant’s name before payment. Checks the merchant Merchant name Shows the merchant name Enters the amount and confirms Authorizes the payment 3 Payment reaches the merchant The merchant treats the NETSBiz or terminal notification as the final response. Reports the payment to NETS Notifies on the NETSBiz app Almostinstant 4 Clearing Not stated How NETS clears these payments is not stated. 5 Settlement Payments before 10:30pm are credited by the next working day, per NETS. Funds move, route not stated Credits the merchant’s bank account Nextworking day Earns Pays The saleMember feesFrom membersNot statedRate shareSplit not statedNot statedThe amountMerchant rate0.8% at UOBFood and beverage0.5% at UOBAccount debitsOr set offNot statedNot statedMerchant payoutNext working dayNot stated Customer Merchant Label SGQR Customer’s bank Or wallet app NETS NETS Merchant’s bank A participating bank

Expand to read the labels.

What to know

NETS QR

The customer’s app checks the merchant with NETS, then reports the payment to NETS. NETS notifies the merchant almost at once and credits the merchant’s account by the next working day.

What it costs
Merchant
0.8% of each sale at UOB
Food and beverage
0.5% on its simplyNETS Lite label plan
When the merchant sees it
Notice
Almost instant successful payment notice on the NETSBiz app
Credit
Next working day for payments before 10:30pm
Money moves over Not stated
Supported apps See every supported app

Key facts

Not in the public record How the paying bank’s money reaches NETS is not stated, whether as a ledger entry at NETS or a transfer between banks through MEPS+. No settlement bank is named for NETS QR, and the participating banks that can hold the merchant’s account are not named.

Notes

NETS’s merchant agreement lets it debit its fees directly from the merchant’s designated bank account and set them off against payouts. NETS publishes no merchant rate on its own pages. UOB lists 0.8% of each sale on SGQR through NETS, or 0.5% for food and beverage on its simplyNETS Lite label plan, with next-day settlement. How the rate is shared among the acquirer, NETS and the issuer is not published, and neither is what the issuer earns or pays. MAS’s list of designated payment systems names NETS EFTPOS, not NETS QR. A blank cell means no earning or cost is reported on this flow. Where PayNow QR and NETS QR sit among cards, transfers and GIRO is in How money changes hands in Singapore.

Sources (13) and open questions (5) MAS and IMDA, response to feedback on strengthening participation in SGQR, 23 June 2023MAS, SGQRMAS, SGQR+ proof of concept reportMAS, Interoperable QR payments in Singapore, October 2023NETS, NETS QR merchant FAQNETS, commercial agreement for merchantsUOB, NETS plansNETS, SGQR labelMariBank, which QR codes the app scansMAS reply on NETS QR and SGQR, 5 March 2026MAS, payment systems designated under the Payment Services ActMAS and ABS, PayNow Generation 2 Phase 1 report, Exhibit A5MAS and ABS, PayNow Generation 2 study, 25 June 2026

Open questions

The scheme decides the apps, cost and payout

A pilot due by the end of 2026 aims to let customers pay at any merchant, on either scheme.

SGQR has become such an integral part of paying in Singapore, where stores are increasingly going cashless. Cash fell from 43% of in-store payment value in 2014 to 13% in 2024, and by 2021 around three in four merchants already offered SGQR. QR codes are central to that shift, especially in the heartlands, where over 94% of e-payments by participating hawker stalls went through SGQR in August 2021.

For merchants, it’s significantly cheaper than international card schemes, with no separate card terminal to maintain. They just display the SGQR sticker instead of keying in an amount for every sale. For customers, all it takes is a phone and a payment app. They scan, check the name and key in the amount themselves, and the sticker shows which payment options the merchant accepts.

Merchants obtain their SGQR sticker via a merchant acquirer, the bank or other institution that processes their payments, and need a contract with each acquirer they use. At UOB, PayNow costs a flat S$0.20 per incoming transfer, waived until 31 December 2028, while NETS QR takes 0.5% to 0.8% of each sale. On PayNow, ABS rules also bar merchants from surcharging customers.

A 2023 trial of SGQR+ already let merchants accept many schemes through NETS as master acquirer. As of March 2026, MAS is looking at commercial arrangements and not full interoperability. It expects full interoperability to reduce competition and affect the services and costs merchants and customers get. Still, MAS and ABS aim to pilot PayNow and NETS QR interoperability by the end of 2026, so customers can scan and pay at any merchant.