B2B Payments

Singapore's PayNow To Include Corporate Payments Service

Singapore’s PayNow is entering into the world of corporate payments.

Reports in Vulcan Post said PayNow, developed by the Monetary Authority of Singapore to reduce consumers’ ongoing use of checks and cash, is readying the launch of PayNow Corporate later this year.

Corporate customers of Citibank, HSBC, Standard Chartered, United Overseas Bank, DBS Bank and Maybank will be able to use PayNow to make payments in real-time using their mobile banking app. These participating banks will simultaneously roll out a new mobile app for their corporate clients with the PayNow functionality when PayNow Corporate launches on August 13 of this year, reports said — the same day that the PayNow solution for consumers will roll out.

The publication noted that PayNow did not reveal how much it will charge corporates to make payments via PayNow.

PayNow was first announced earlier this month as Singapore’s Education Minister Ong Ye Kung, a member of the MAS, spoke at the annual Association of Banks dinner, reports in Bloomberg said.

According to Ong, checks will be entirely phased out of Singapore by 2025, and experts predict a drastic reduction in ATM cash withdrawals. Launching a government-backed peer-to-peer payment solution will help consumers and businesses reduce their reliance on checks and cash as the economy goes digital, he said.

“The aim is not to force a cashless society, but to enable everyone to enjoy the convenience and efficiency of e-payments — simple, swift, safe and seamless,” Ong said in his speech. “When the level of convenience and confidence crosses a critical tipping point, adoption will rise across our population within a short time and become pervasive.”

He pointed to Sweden’s move towards ePayments and away from checks as an example for Singapore to follow.

The nation is reportedly planning to roll out its SG QR plan, to be implemented later this year, which will ensure electronic payment service providers can all operate together.

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The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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