PayNow Corporate Is Now Available in Singapore for Businesses
Businesses in Singapore will now be able to instantly receive and make payments with their Unique Entity Numbers (UEN), now that the PayNow Corporate e-payment services have finally been launched.
As of 13 August 2018, PayNow Corporate is made available to all businesses, government agencies and corporate bodies whom are customers of the nine participating banks. The nine banks involved are Maybank, Standard Chartered, UOB, DBS, Citibank, HSBC and OCBC bank, ICBC and the Bank of China. All customers of these bank will now be able to use their PayNow Corporate accounts for more funds transfer options, including receiving payments directly from the government.
PayNow Corporate is an extension of the PayNow service which was introduced in Singapore in July 2017. PayNow Corporate is a peer-to-peer funds transfer service and transactions are quickly and easily performed using either the payee’s mobile number or identity card number.
PayNow Corporate users will have a new QR code option which gives businesses an additional option of receiving customer payments via this channel. Known as PayNow QR, this code will be rolled out later this year as part of the national standard initiative for QR code payments.
Over 1.6 million PayNow registrants have been using the service as of 10 August, and since it launched, more than S$1.2 billion in funds has been transferred through PayNow.
With the launch of PayNow, the Association of Banks in Singapore (ABS) has confirmed that it will continue working closely to promote PayNow as first and foremost a secure way to seamlessly transfer funds. PayNow is bringing customers the full suite of services when it comes to funds transfer in the most convenient manner.