THE NEW PayNow Corporate e-payment service, launched on Monday morning, allows businesses and the Singapore government to instantly make and receive payments by using their respective Unique Entity Numbers.
It is an extension of peer-to-peer funds transfer service PayNow, introduced in July 2017, which only requires knowledge of the payee's mobile number or NRIC.
As of Aug 10, there have been more than 1.6 million PayNow registrations and over S$1.2 billion transferred via PayNow.
PayNow Corporate is available to businesses, corporate bodies and government agencies that are customers of seven participating banks: Citibank, DBS Bank/POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank and UOB.
With the launch of PayNow Corporate, retail customers of all nine participating banks - the aforementioned seven as well as Bank of China and ICBC - can use PayNow for a wider range of fund transfers, such as making payments to businesses and receiving payments from the government.
A new QR code option is also available, giving businesses the option of receiving customer payments through that channel.
The PayNow QR code will be part of the national standard for QR code payments, SG QR, when the latter is rolled out later this year.
The Association of Banks in Singapore (ABS) said that it would continue to work with the industry to promote PayNow as a convenient and secure means to transfer funds seamlessly.
Said ABS director Ong-Ang Ai Boon: "I am pleased that PayNow brings together a full suite of funds transfer services among retail customers and between businesses and government agencies."