Aspire Launches Full Integration With PayNow for Businessesby Fintech News Singapore July 25, 2023
All-in-one finance platform Aspire announced that it has enabled bi-directional payments with PayNow, Singapore’s real-time payment system.
Users can make PayNow transfers to other business or personal accounts via QR code, mobile number, National Registration Identity Card (NRIC), Unique Entity Number (UEN), Virtual Payment Address (VPA).
Additionally, businesses will also be able to make employees’ CPF contributions directly to the government from their Aspire accounts via PayNow.
This feature is now available to all Aspire users with no additional cost for unlimited local SGD transfers.
Aspire said that the ability to make ingoing and outgoing business payments directly through PayNow has been a highly requested feature by its customer base of over 15,000, including Tech in Asia, Love Bonito, EndowUs and AirAsia.
Since its launch in 2017, PayNow has been widely adopted in Singapore, with over 80% of residents and businesses on its network.
It has been rapidly implemented by businesses to manage their supplier and vendor networks, and the value of PayNow corporate transactions in Singapore amounted to over SGD 17 billion in the first half of 2021.
The firm added that the speed and convenience of payments through PayNow will help businesses optimise their operations and save time by keeping all payments directly within its app.
By seamlessly syncing payments with Aspire’s software for receivables and payables, businesses can now enjoy even greater ease of use and enhanced financial control.
“We are proud to be the only all-in-one account that offers a full integration with PayNow, Singapore’s leading real-time payment system.
Today’s generation of SMEs are seeking increasingly digital solutions to serve their evolving financial needs, and we are proud to be part of their journey,”
said Andrea Baronchelli, CEO of Aspire.
Aspire offers businesses a unified suite of financial services including international payments, corporate cards, payable and receivable management, accessible via a single, user-friendly account.
The company has tripled its yearly revenues in the past year and hit US$15 billion of annualised total payment volumes.
Earlier this year, Aspire closed an oversubscribed US$100 million Series C round and announced that it has achieved profitability.