This is a new way for merchants to receive contactless payments. They are able to use the QR payment terminal to generate a dynamic PayNow QR code where each customer can transact via PayNow without keying in bill amount.
The all-in-one terminal supports the mobile banking apps of all nine PayNow participating banks in Singapore. Moreover, the terminal is able to accept non-bank mobile payment apps, such as UnionPay QR, WeChat and GrabPay, among others.
For merchants who sign up for a Maybank Current Account linked to PayNow, the payments would be instantly credited into their bank account. Merchants with other bank accounts will receive their funds during the next transaction day. Each merchant has access to an online portal where they can view transaction details in real time and perform reconciliation of payments across different retail outlets.
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