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PayNow platform expanding to include businesses from August 2018
A YEAR after its launch in July 2017, peer-to-peer transfer service PayNow is expanding its services to include businesses, the Association of Banks in Singapore (ABS) announced on Wednesday evening as part of Singapore's Smart Nation drive to adopt digital payments.
From Aug 13, business owners and the government will be able to link their unique entity numbers to local bank accounts and receive payments instantaneously via PayNow Corporate, without revealing details such as their actual account numbers.
Customers can also opt to scan merchant or individual Quick Response (QR) codes to make transfers, as PayNow Corporate will be included in the Singapore QR code system.
"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," said ABS director Ong-Ang Ai Boon.
The seven participating banks on PayNow Corporate are Citibank, DBS, HSBC, Maybank, OCBC Bank, Standard Chartered and UOB, the same as in the first phase of PayNow.