Stripe Allows Singapore Businesses to Offer PayNow Transactionsby Fintech News Singapore April 20, 2022
Stripe, a global financial infrastructure platform for businesses, announced that its Singapore-based users can begin accepting PayNow as a payment method across its integrated suite of solutions.
Since its launch in 2017, PayNow has grown to over 4.9 million registered users in Singapore.
Given this, Stripe’s engineering hub in Singapore – one of its four physical ones worldwide – worked closely with users, partners and stakeholders to build out the integration with PayNow.
Stripe’s support for PayNow lets businesses generate dynamic QR codes per transaction, which automatically populates the exact payment amount and unique transaction reference required to avoid manual input errors by customers.
They will be instantly notified when a payment successfully goes through and will also be able to facilitate refunds easily.
Businesses will also be able to automatically reconcile incoming transfers with transactions reducing cumbersome and error-prone manual reconciliation.
They will be able to get started quickly with no-code integration where customisable interfaces and low-code options are also available.
Stripe said that its users will be able to manage all of this conveniently and efficiently through a single dashboard.
The company adds PayNow to the dozens of payment methods that it offers globally, including credit and debit cards; digital wallets like GrabPay and AliPay; bank debits; bank redirects; bank credit transfers; buy now pay later, and cash-based vouchers.
This comes on the back of several other solutions recently launched in Singapore – Stripe Tax for global tax compliance; Revenue Recognition to simplify accounting and automate financial reporting; Stripe Climate for carbon removal, among others.
“For some businesses, managing PayNow transactions manually works well enough with a handful of customers and several dozen transactions. However, when your ambition is to rapidly scale for hundreds of thousands of customers with exponentially more transactions, the manual overhead costs skyrocket into something untenable. Using Stripe lets Singapore businesses offer PayNow transactions in ways that unlock the kind of growth that is as dynamic and ambitious as they are.”
said Sarita Singh, Southeast Asia Revenue and Growth Lead at Stripe.