The scheme will be a part of the Singapore Quick Response Code which utilises mobile banking apps.
PayNow Corporate will cater faster cash transfer particularly for businesses. The new scheme is part of Singapore’s Smart Nation initiative for digital payments, the Association of Banks in Singapore (ABS) said.
After its implementation, the scheme will be a part of the Singapore Quick Response (SG QR) Code. This will enable retail, businesses and corporates to make instant PayNow transfers by scanning the merchant’s or individual’s QR via their bank’s updated mobile banking app which is available for both Apple iOS and Android users.
“With the launch of PayNow Corporate, both businesses and retail customers can enjoy the same convenience of a simpler way to transfer funds 24/7, 365 days a year,” ABS director Ong-Ang Ai Boon said.
Through just linking of the Unique Entity Number (UEN), PayNow Corporate removes the need for bank account numbers for fund transfers. Customers from Citibank, DBS/POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank, and United Overseas Bank may avail of the service.
It was in 2017 when PayNow was initially released and has been used by over millions. According to the ABS director, more than $900m have been transferred using PayNow.
“With PayNow on board, it provides a simple, swift, safe and seamless consumer to business (C2B) scan-and-pay option,” Education minister and Monetary Authority of Singapore (MAS) board member Ong Ye Kung commented.
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