PayNow is Singapore's real time payment network that is managed by the Association Bank of Singapore (ABS) and overseen by the Monetary Authority of Singapore (MAS). Consumers and businesses can sign up to the service using their mobile number, Singapore NRIC/FIN, UEN business registration number or Virtual Payment Address (VPA is for NFI accounts ie e-wallets). Users can then transfer SGD funds from one bank/e-wallet account to another in Singapore through the FAST network, which is a regulated and standardised payment rails that ensures interoperability between payment providers.
Since this governmental initiative was launched and with the promotion of cashless payments brought upon by COVID-19, this QR payment method is currently a very popular payment method familiar to shoppers. PayNow also allows for cost savings for the Merchant, as the cost is generally lower than cards in Singapore.
How it works
- Shopper proceeds to checkout
- Shopper selects Paynow from the available payment methods
- Shopper scans QR code on screen with bank/wallet app
- Payment completed
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