Since it was launched in July 2017, PayNow has gained over 3 million registered users and 129,000 businesses users, who have transferred more than $12 billion altogether.
Its corporate service was added in August 2018 to let companies pay and receive money instantly from customers and other firms.
This year, PayNow also extended its services to government agencies and statutory boards, allowing Singaporeans to use it to pay for school fees, traffic fines and other things.
Now, it will be even easier for businesses to incorporate PayNow as it adopts the specifications of the universal Singapore Quick Response Code (SGQR).
As SGQR combines multiple payment QR codes into a single SGQR label, businesses do not need to generate and display a separate PayNow QR code to collect payments by PayNow.
Customers can choose to pay via PayNow when they spot the PayNow logo displayed on an SGQR label.
The Monetary Authority of Singapore (MAS) has observed a “steady increase in consumers and businesses using PayNow”, especially with a compelling use case “in the consumer-to-business space”.
Said Ong-Ang Ai Boon, The Association of Banks in Singapore (ABS) Director, “With PayNow being part of the SGQR ecosystem, we believe the registrations and transactions will continue to ramp up. Our objective is to push PayNow as the ubiquitous payment mode in Singapore.”
Featured Image Credit: HSBC