The convenience of PayNow is finally available to businesses, corporate and government agencies.
With PayNow Corporate, your customers can now enter your Unique Entity Number (UEN) or scan a QR code to make payment.
Previously, PayNow was only available as a peer-to-peer transaction service. To transfer funds, the payer will have to enter the mobile phone number or NRIC of the payee.
If you have a business or corporate account with Citibank, DBS/POSB, HSBC, Maybank, OCBC, Standard Chartered Bank or UOB, you can already register for a PayNow Corporate account to start receiving payment via the service.
Some transfers may take days to complete. For instance, transactions via PayPal can take between seven and fourteen days.
Furthermore, there are other costs involved with providing customers with additional payment options. Businesses have to pay initial set-up and annual fees for the Nets and credit card machines.
PayNow Corporate cuts the waiting time of some transactions that typically take days; it happens immediately and you can check your transaction history almost instantaneously.
Some banks are offering fee waivers to kickstart the service. UOB is waiving all incoming PayNow transaction fees for a limited time and introducing a promotional price per outgoing PayNow transaction.
