PayNow QR is The Latest to Adopt SGQR, Singapore’s Unified Payment QR Codeby Fintech News Singapore November 12, 2019
The Association of Banks in Singapore (ABS) announced yesterday that PayNow QR will adopt the Singapore Quick Response Code (SGQR) specifications, enabling businesses to collect payments via PayNow through the national unified payment QR code, SGQR.
The adoption of the SGQR specifications enhances the PayNow experience and makes it simpler for consumers and businesses to use the mobile e-payment service.
As SGQR combines multiple payment QR codes into a single SGQR label, businesses do not need to generate and display a separate PayNow QR code to collect payments by PayNow.
Consumers can simply spot the PayNow logo on an SGQR label, scan the QR code with their preferred bank app and pay via PayNow. AXA, Blum South East Asia, Josiah Montessori, Nanyang Polytechnic, QBE, Saxo Capital Markets, Senoko Energy are some of the companies that have already begun collecting payments via PayNow.
There are more than 3 million registered individual PayNow users and 129,000 business PayNow users, who have collectively transferred more than S$12 billion since its launch in June 2017. ABS will continue to work with the industry to promote PayNow as a convenient and secure means to transfer funds seamlessly.
Mrs Ong-Ang Ai Boon, Director, ABS said,
“ABS is pleased to have built on the momentum from last year’s launch of PayNow Corporate to continuously drive interoperability. With PayNow being part of the SGQR ecosystem, we believe the registrations and transactions will continue to ramp up. Our objective is to push PayNow as the ubiquitous payment mode in Singapore.”
Mr Sopnendu Mohanty, Chief FinTech Officer, MAS, said,
“There has been a steady increase in consumers and businesses using PayNow to make and receive payments since its launch, and we have seen more compelling use cases develop recently, especially in the consumer-to-business (C2B) space. This is indeed a welcome development by the banking industry to bring PayNow QR on board SGQR as it further simplifies QR e-payments for both consumers and businesses.”