Asia: Launch of PayNow Corporate in Singapore
PayNow was introduced in July 2017 as a convenient peer-to-peer funds transfer service which only required the knowledge of the payee’s mobile phone number or NRIC.
This e-payment service is now extended for businesses and the Singapore government where they can instantly send and receive funds using their Unique Entity numbers. PayNow Corporate will also introduce a QR code option for businesses to receive QR code payments from its customers later this year.
This would also mean that retail customers can now make and receive payments from corporate bodies and government agencies through this service.
The new PayNow Corporate e-payment service is available to businesses and government agencies as long as they are customers of the nine participating banks: Bank of China, Citibank, DBS/POSB, HSBC, ICBC, Maybank, OCBC Bank, Standard Chartered Bank and UOB.
From RFi Group Data, electronic transfers/wire payments are the top payment method used among SME banking customers, followed by cheque and cash.
However, businesses are expected to pay 2-4% fee for making real-time transfers or use cheques which takes more time to process.
With inward payment fees being potentially waived at most banks, having PayNow corporate services in place will be of great value, especially for small and medium enterprises (SMEs) where they can receive and send payments in real-time at a reasonable cost.