Singapore launches PayNow Corporate for companies and government

The PayNow Corporate is an extension of peer-to-peer funds transfer service PayNow, which was introduced in July 2017. It only requires knowledge of the payees mobile number or National Registration Identity Card (NRIC).

Now, companies can pay and receive money in Singapore currency instantly from customers and other firms. Businesses, companies and government agencies may do this by linking their respective unique entity number (a registration number that uniquely identifies them) to their Singapore bank account. That frees them from having to disclose their bank account numbers to payees.

In addition to this, consumers can make purchases at retail shops and food and beverage outlets by scanning a QR code on their phones or entering the establishment’s unique entity number to make a transfer. It also offers hassle-free transactions while paying taxes, hospital fees and phone bills.

This new feature entails several benefits to businesses which include receiving payments faster, enhanced operational efficiency, and greater visibility of business operations.

This new service will be available to businesses and corporate customers of seven participating banks, namely Citibank, DBS/POSB, HSBC, Maybank, OCBC, Standard Chartered Bank and United Overseas Bank (UOB).

In addition to this, two more banks — Bank of China, and the Industrial and Commercial Bank of China — will also offer PayNow, the Association of Banks in Singapore (ABS) said in April 2018.

There have been more than 1.6 million PayNow registrations and over EUR 750,000 (SGD 1.2 billion) transferred via PayNow till August 10 2018.