Maybank Singapore teams ups with Malaysia-based fintech company Financio to offer customers invoices attached with dynamic QR Code that embeds the company’s UEN, payer name, invoice number and payment amount, using the Maybank PayNow system.
The goal is to allow business owners to more easily utilise Singapore’s PayNow service for payment collections from their retail customers, in a bid to reduce human error and more convenient business bookeeping.
Among the types of businesses that Maybank targets with this new QR code are private schools, tuition and enrichment centers, service subscriptions, insurance companies and all SMEs that serve end consumers.
Maybank also sees the possibility of issuing invoices ahead of a service or product delivery, for customers to scan and pay when the goods are delivered.
Prior to this offer, business owners would typically rely on a one-size-fits-all business PayNow QR code that can only be used on the backend, which usually complicates keeping track of various payments collected. The partnership with Financio allows Maybank to provide unique QR codes for each invoice issued.
Funds received via PayNow can tracked in Maybank’s Bysiness Internet Banking so that its customers can more seamlessly update their accounts and track collection status.
Maybank Singapore is also waiving all transaction fees on PayNow until December 2019. Customers can sign up via Maybank’s Business Internet Banking platform or a hardcopy form.
Since PayNow Corporate was launched on 13 August 2018, close to 2,000 Maybank customers have signed up for this banking service to receive or send payments between businesses and individuals using Unique Entity Number (UEN) or a PayNow QR Code.
This partnership is a continuation of one launched November last year, which sees Maybank Singapore offering Financio’s cloud-based accounting software to startups and micro SMEs in Singapore, who would otherwise be manually record-keeping via Excel spreadsheets or plain old pen and paper.
Featured image via TMR File
