PayNow eyes merchant, business payments in next growth phase, puts heat on card networks
The upgrades promise to make PayNow cheaper, faster, more intuitive and efficient for this segment of users: observers
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[SINGAPORE] PayNow’s next growth phase is expected to come from merchant and business payments, as the latest upgrades to Singapore’s national payment system enable it to compete more directly with card networks in a wide range of transactions.
Industry observers said that the changes will make PayNow more attractive as a payment rail for this segment, even as credit cards retain their dominance in consumer spending.
Liu Meng, senior analyst at market research and advisory firm Forrester, said: “PayNow Gen 2 could move PayNow from ‘a convenient way to pay someone’ to ‘a low-cost, real-time payment layer embedded in Singapore’s digital economy’.”
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