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PayNow expanding scope to include businesses

Seven banks will be part of PayNow Corporate - which will also involve the government - from Aug 13

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Published Wed, Jun 20, 2018 · 09:50 PM

    Singapore

    FROM August 13, businesses will be able to send and receive funds from customers and other businesses through peer-to-peer transfer service PayNow, the Association of Banks in Singapore (ABS) announced on Wednesday.

    As part of Singapore's Smart Nation drive to adopt digital payments, PayNow Corporate will let business owners and the government link their unique entity numbers to local bank accounts and receive payments instantaneously, without revealing details such as their actual account numbers.

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