The move by PayNow to adopt SGQR makes it easier for businesses and consumers to use the mobile e-payment service.
PayNow is adopting Singapore Quick Response (SGQR) specifications, which allows businesses and billing organizations to collect PayNow payments through SGQR, the Association of Banks in Singapore (ABS) announced in a statement on Monday.
To pay via PayNow, consumers only need to scan the QR code with their preferred bank app.
«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,» Ong-Ang Ai Boon, ABS director, said in the statement.
Seamless Fund Transfers Nationally
SGQR is Singapore's national unified payment QR code that combines multiple payment QR codes into a single SGQR label.
Launched in September 2018, it is part of efforts by the Monetary Authority of Singapore to transform the country's e-payment landscape.
According to ABS, there are now 3 million registered individual PayNow users and 129,000 business PayNow users. Over S$12 billion in transfers have been made since PayNow was introduced in June 2017.
