The Singapore government earlier this week officially launched the Singapore Quick Response Code to help make mobile payments more interoperable across the nation. 

Some 27 payment schemes in the country will adopt the new system, according to a press release from the country's monetary authority.  PayNow, NETS, GrabPay, Liquid Pay and Singtel Dash are among some of the major providers that will adopt the scheme, which will be deployed progressively over the next six months.

The Singapore government has said in the past the new system will benefit both consumers and merchants. 

Consumers will be able to quickly choose from their preferred provider when it's time to pay while merchants only need to display a single QR Code to accept payment regardless of the mobile wallet provider.