With the E-Payments initiatives, citizens and businesses are able to transact digitally in a hassle-free, seamless and secure manner. It creates an open, accessible and interoperable national E-Payments infrastructure.
Some of Singapore’s E-Payments initiatives include:
PayNow allows citizens to do peer-to-peer (P2P) digital transfers with the use of either the NRIC or mobile numbers. In the months following PayNow’s launch, more than a million users had registered.
About PayNow (Corporate)
PayNow (Corporate) allows business-to-business and consumer-to-business digital transactions. Businesses can link their corporate bank accounts to their Unique Entity Numbers (UENs) and can easily make and receive payments using UENs. Customers of participating banks can transact with entities and vice versa. When it was launched in 2018, around 40,000 businesses signed up.
About Singapore Quick Response (SGQR) Code
With the SGQR code, merchants only need a single QR code to receive mobile payments from customers, making island-wide cashless transactions so much more convenient and seamless! A win-win situation, customers will only need to scan one QR code to make payment for the various e-payment applications they use.
The E-Payments initiative is driven by the Monetary Authority of Singapore (MAS) and supported by the Smart Nation and Digital Government Office (SNDGO)