PayNow Simplifies Payments for Consumers and Businesses
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The move by PayNow to adopt SGQR makes it easier for businesses and consumers to use the mobile e-payment service.
PayNow is adopting Singapore Quick Response (SGQR) specifications, which allows businesses and billing organizations to collect PayNow payments through SGQR, the Association of Banks in Singapore (ABS) announced in a statement on Monday.
To pay via PayNow, consumers only need to scan the QR code with their preferred bank app.
With PayNow being part of the SGQR ecosystem, we believe the registrations and transactions will continue to ramp up. Our objective is to push PayNow as the ubiquitous payment mode in Singapore, Ong-Ang Ai Boon, ABS director, said in the statement.
SGQR is Singapore’s national unified payment QR code that combines multiple payment QR codes into a single SGQR label.
Launched in September 2018, it is part of efforts by the Monetary Authority of Singapore to transform the country’s e-payment landscape.
According to ABS, there are now 3 million registered individual PayNow users and 129,000 business PayNow users. Over S$12 billion in transfers have been made since PayNow was introduced in June 2017.
Questions & Answers
Q.How does PayNow's adoption of SGQR benefit businesses and consumers?
How does PayNow's adoption of SGQR benefit businesses and consumers?
This adoption makes it simpler for businesses and billing organisations to accept PayNow payments via SGQR. Consumers can also easily scan the QR code using their preferred bank app to make payments, streamlining the mobile e-payment service for everyone involved.
Q.What is the primary goal for PayNow in Singapore?
What is the primary goal for PayNow in Singapore?
According to ABS director Ong-Ang Ai Boon, the objective is to establish PayNow as the ubiquitous payment mode across Singapore. Integrating PayNow into the SGQR ecosystem is expected to significantly increase registrations and transaction volumes towards this goal.
Q.How many users currently utilise PayNow, and what is the total transaction volume?
How many users currently utilise PayNow, and what is the total transaction volume?
There are currently 3 million registered individual PayNow users and 129,000 business users. Since its introduction in June 2017, PayNow has facilitated over S$12 billion in transfers, demonstrating significant adoption and usage in Singapore's e-payment landscape.
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