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PayNow to adopt Singapore Quick Response Code

PayNowThe Association of Banks in Singapore (ABS) announced on Monday 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 will enhance the PayNow experience and will make 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,” the association said in an official statement.

“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,” said Ong-Ang Ai Boon, Director, ABS.

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 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 onboard SGQR as it further simplifies QR e-payments for both consumers and businesses,” said Sopnendu Mohanty, Chief FinTech Officer, MAS.

SGQR is Singapore’s national unified payment QR code that combines multiple payment QR codes into a single SGQR label. PayNow is a peer-to-peer funds transfer service available to retail customers of nine participating banks in Singapore.

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