10 Aug '18, 9am

Singapore to launch PayNow for business as cashless society objective comes to fruition

Singapore to launch PayNow for business as cashless society objective comes to fruition

Singapore's ambition to create a cashless society is to receive a big boost with the forthcoming introduction of the banking industry's PayNow mobile app to the business community. Launched in July 2017 by the Association of Banks in Singapore with the support of seven local banks as a P2P funds transfer app for retail customers, PayNow is set to be switched on for business users next week. PayNow Corporate enables corporates, businesses and Government agencies to pay and receive funds instantaneously by linking their Unique Entity Number (UEN) to their Singapore bank account. The app is also synched up to Singapore's Quick Response Code, enabling users to generate their own QR codes for customers to scan and pay using their existing mobile app. OCBC Bank says the response by corporates has been overwhelmingly positive, with nine in ten new business customers pre-registeri...

Full article: https://www.finextra.com/newsarticle/32509/singapore-to-l...

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