Stripe deploys PayNow payment method in Singapore

Stripe’s support for PayNow lets businesses generate dynamic QR codes per transaction, be instantly notified when a payment successfully goes through, automatically reconcile incoming transfers with transactions, facilitate refunds in just one click, get started quickly with no-code integration, and manage all this through a single Stripe dashboard.

Company officials stated that for some businesses, managing PayNow transactions manually works well enough with a handful of customers and several dozen transactions. However, when one’s ambition is to rapidly scale for hundreds of thousands of customers with exponentially more transactions, the manual overhead costs skyrocket into something untenable. Using Stripe lets Singapore businesses offer PayNow transactions in ways that unlock the growth.

The company’s support for PayNow across its fully integrated financial infrastructure platform lets businesses unlock new opportunities for growth at scale. For example, PayNow is not typically used for recurring payments. However, when combined with other Stripe solutions like Billing and Invoicing, businesses could offer their customers the option to pay for subscriptions using PayNow.

Stripe adds PayNow to the dozens of payment methods that it offers globally, including credit and debit cards, digital wallets like GrabPay and AliPay, bank debits, bank redirects, bank credit transfers, Buy Now, Pay Later, and cash-based vouchers. This comes on the back of several other solutions recently launched in the island republic such as Stripe Tax for global tax compliance, Revenue Recognition, and Stripe Climate for carbon removal.