The Association of Banks in Singapore gives USD 500K to SMBs using PayNow

Friday 10 April 2020 12:54 CET | News

The Association of Banks in Singapore has announced will give away USD 500,000 as a reward to SMBs that sign up for PayNow, in a drive to encourage greater use of digital payments.

The first 20,000 small businesses to sign up for the service between now and July 31 2020 will get a cash incentive of USD 25 each.

In addition, individuals using PayNow stand to win USD 100 each week from April 13 to June 21 2020, when they make a PayNow transfer to businesses.

There will be 100 winners for each of the 10 weeks, in a giveaway amounting to USD 100,000.

Nine banks offer PayNow: DBS/POSB, OCBC Bank, UOB, Citibank, Standard Chartered, HSBC, Maybank, Bank of China, and Industrial and Commercial Bank.

The Monetary Authority of Singapore has said it expects financial institutions to provide as many basic financial services as possible through digital channels that will not require clients' physical presence in their premises.

To date, more than two million individuals have registered to use PayNow. More than 120,000 business have also adopted PayNow Corporate and the Singapore Quick Response (QR) Code, the nation's unified payment code.

Meanwhile, Maybank Singapore has partnered with QR payment service provider Liquid Group to launch a solution that supports the adoption of QR payment via PayNow.

With its new QR Payment Terminal solution, merchants can generate a dynamic PayNow QR code for customers to pay via PayNow without having to key in the bill amount. The terminal supports the mobile apps of all nine banks in Singapore that offer PayNow.

It also works for non-bank mobile payment apps, such as UnionPay QR, WeChat and GrabPay, among others.

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Keywords: PayNow, QR payments
Categories: Payments & Commerce | Mobile Payments
Countries: Singapore
This article is part of category

Payments & Commerce