The Monetary Authority of Singapore earlier this week announced that something called the common Singpare Quick Response Code will make its debut next year as payment service providers adopt this new standard, according to multiple local reports.

The authority said that payment service providers in Singapore have committed to update their mobile payment apps to read the new QR codes.

"The SG QR is an unprecedented national initiative supported by the industry to provide consumers and merchants with a seamless and streamlined e-payment experience," Sopnendu Mohanty, the authority's chief fintech officer, told Channel NewsAsia. 

The authority said that this protocol is the first of its kind globally and will enable merchants to accept a variety of domestic and international payment schemes. 

Singtel is one of the first companies to update its mobile app with the new standard.