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What is PayNow?
PayNow is an enhanced funds transfer service widely used in Singapore that enables fund transfer easily with just a mobile number or National Registration Identity Card (NRIC). This saves users the hassle of entering a lengthy bank account number.
There are a total of nine participating banks now that offers PayNow
- Bank of China
- Citibank Singapore Limited
- DBS Bank/POSB
- Industrial and Commercial Bank of China Limited
- OCBC Bank
- Standard Chartered Bank
PayNow Corporate is for businesses to receive payments from their customers and it has changed the way SME sends and receives payments to/from customers and business partners.
By linking your SGD Corporate Account to your Unique Entity Number (UEN), you can receive monies almost instantly when your sender makes a payment to the UEN, or scans your Quick Response (QR) code.
Benefits of Singapore SMEs using PayNow
Funds transfers are secure and hassle-free as there is no need for you to share your business details or bank account number. In addition, PayNow adopts the same high-security standards established by the banking industry in Singapore for fund transfers including FAST.
You can receive payments from your customers or business partners directly into your SGD Corporate Account. Simply provide your UEN or SGQR code to your customers for them to make payments to you. As a result, fund transfer can be done instantly.
You can make payments easily to both individuals and businesses with just their mobile number/NRIC/UEN.
PayNow with Enterpryze
With the partnership between UOB and Enterpryze, PayNow is available through our platform. SME can use account-to-account transfer via QR code to pay invoices in Singapore. An incredibly simple solution that helps businesses improve cash flow.
Gone are the days of having to apply for complicated merchant accounts for credit card processing. With PayNow you can simply register, put in your credentials into Enterpryze and be ready to process incoming payments from your customers straight away.
Real-time payment confirmation
Your finance department will be smiling all day with this. Get real-time confirmation that the money is in your account, simply put a QR code on your invoice, so your customer can scan it at a time that suits them. Additionally, you can let them log onto our customer one portal and pay it directly online along with any other open invoices they may have on the account. The invoice will then be automatically reconciled and auto-matched in bank reconciliation.
“When we say PayNow we really mean Pay RIGHT NOW! Because you can set it up RIGHT NOW, you can get paid RIGHT NOW and you can see cashflow benefits RIGHT NOW.”
Furthermore, there are plans to increase the limit of PayNow transactions from SGD1,000 to SGD5,000 which will make this more interesting for the market. Available throughout all our solutions and soon to be available in Thailand (PromptPay) and Malaysia (DuitNow). If you would like to see it in action check out Boong Foods who use it to deliver 20,000 chickens every day.