The bigger announcement along side the launch of SGQR is the openning up of FAST, electronic inter-bank transfer, to fintech and non-banks companies.
It's a bit cumbersome at the moment; most shops assume I'm using NFC to pay (which I think is the default option) but my cheap Xiaomi android phone doesn't have NFC, so I have to ask them to print out or display the QR code for me to scan using the app.
Other than that, it works: once scanned, the transaction completes within seconds.