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14th August 2018
Singapore banks to offer PayNow to businesses
The Association of Banks in Singapore (ABS) has announced the launch of PayNow Corporate. PayNow Corporate is an extension of PayNow, the peer-to-peer instant funds transfer service that only requires one to know a payee’s mobile or NRIC number. PayNow Corporate will enable businesses, corporates and the government agencies to pay and receive Singapore Dollar funds instantaneously with the linking of their respective Unique Entity Number (UEN) to their Singapore bank account.
PayNow Corporate is available to businesses, corporate and government agencies that are customers of seven participating banks – Citibank, DBS Bank/POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank and UOB. With PayNow Corporate, retail customers of all the nine participating banks (seven banks mentioned above, plus Bank of China and ICBC) can now use PayNow for all their fund transfer needs, such as payments to business and receiving payments from government. With the nine participating banks, PayNow has access to the largest banking customer base for e-payments.
To further enhance customer experience, the option of a QR code is also available to give businesses more channels to receive payments. This reduces the hassle of cash and cheques handling. The PayNow QR code will be issued as part of the Singapore Quick Response (SG QR) Code when SG QR is rolled out later in the year.
Mrs Ong-Ang Ai Boon, Director of The Association of Banks in Singapore (ABS), said: “The launch of PayNow Corporate follows from last year’s successful launch of PayNow peer-to-peer funds transfer service that enables instant payments via mobile, NRIC or FIN numbers. I am pleased that PayNow brings together a full of suite of funds transfer services among retail customers and between businesses and government agencies.”