ABS gives cash incentive to SMEs that sign up for PayNow to minimise virus spread

Singapore

THE Association of Banks in Singapore (ABS) will give away a total of S$500,000 in rewards to small businesses that sign up for PayNow, in a drive to encourage greater use of digital payments to minimise community spread of Covid-19.

The first 20,000 small businesses to sign up for the service between now and July 31 will get a cash incentive of S$25 each. Those that receive more than 10 payments via the peer-to-peer fund-transfer service during the period will receive an additional S$25, ABS said in a statement on Thursday.