MAS and ABS unveil four-point plan to upgrade PayNow

They will improve QR interoperability and expand payment capabilities of PayNow.

The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (MAS) plan to enhance four areas in PayNow, the country’s national instant payments infrastructure.

Plans include improving QR interoperability between PayNow and NETS QR and enhancing the online checkout experience through deep linking within PayNow QR codes, based on findings of the PayNow Generation 2 study announced at the ABS Annual Dinner on 25 June 2026.

MAS and ABS also plan to enable larger value PayNow transactions for government agencies, and to expand payment capabilities by rolling out request-to-pay, automated reconciliation, and a micro-payments rail, as well as by expanding cross-border connectivity.

MAS and ABS will publish an implementation roadmap by the end of 2026.

The improved QR interoperability will enable consumers to scan and pay at any merchant regardless of which payment scheme they are on. MAS and ABS plan to pilot this by end-2026.

Deep linking within PayNow QR codes will reduce payment steps for consumers. MAS and ABS said that they aim to have this ready within the year.

Sandbox for the larger value payments to government agencies will commence in 2027, whilst MAS and the ABS will commence foundational work on the expanded payment capabilities this year.