Singapore launches PayNow Corporate in march towards cashless society

Published on Authored by C to I News Desk

In its march towards becoming a cashless society, Singapore launched the new PayNow Corporate e-payment service today which will enable businesses and the Singapore government to make and receive payments by using their respective Unique Entity Numbers.

The PayNow Corporate is an extension of peer-to-peer funds transfer service PayNow, which was introduced in July 2017. It only requires knowledge of the payee's mobile number or National Registration Identity Card (NRIC).

Now, companies can pay and receive money in Singapore currency instantly from customers and other firms. Businesses, firms and government agencies may do this by linking their respective unique entity number (a registration number that uniquely identifies them) to their Singapore bank account. That frees them from having to disclose their bank account numbers to payees.

With the launch of PayNow Corporate e-payment service, companies can pay and receive money in Singapore currency instantly from customers and other firms. Photo courtesy: ABS
With the launch of the PayNow Corporate e-payment service, companies can pay and receive money in Singapore currency instantly from customers and other firms. Photo courtesy: ABS

In addition to this, consumers can make purchases at retail shops and food and beverage outlets by scanning a QR code on their phones or entering the establishment’s unique entity number to make a transfer. It also offers hassle-free transactions while paying taxes, hospital fees and phone bills.

This new feature entails several benefits to businesses which include receiving payments faster, enhanced operational efficiency, and greater visibility of business operations.

This new service will be available to businesses and corporate customers of seven participating banks, namely Citibank, DBS/POSB, HSBC, Maybank, OCBC, Standard Chartered Bank and United Overseas Bank (UOB).

In addition to this, two more banks — Bank of China, and the Industrial and Commercial Bank of China — will also offer PayNow, the Association of Banks in Singapore (ABS) said in April.

There have been more than 1.6 million PayNow registrations and over SGD1.2 billion transferred via PayNow till August 10.

Ong-Ang Ai Boon, Association of Banks in Singapore (ABS) director, said, “I am pleased that PayNow brings together a full suite of funds transfer services among retail customers and between businesses and government agencies.”