This initiative will help broaden consumer payment choice at checkout by providing Singaporeans the ability to transact through 9 major banks in Singapore. The company is in full preparation to launch a developer-friendly suite of APIs that will allow one integration for both cards and PayNow acceptance, according to the official press release.
PayNow will allow ecommerce businesses nationwide to accept payments through a fast and secure transfer (FAST) simply by scanning or uploading a QR code straight from the user's mobile device. Transactions that are processed through PayNow possess the same high-security standards as the banking industry in Singapore and are made through a registered mobile number, National Registration Identity Card (NRIC), or Unique Entity Number (UEN).
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