More firms jumping on cashless payment bandwagon

Mr Gavin Teo, managing director of beauty salon chain Avone Beauty Secrets, with branch manager Sammi Zheng. Mobile payment is a worldwide trend and if companies do not adapt, they will be left behind, says Mr Teo.
Mr Gavin Teo, managing director of beauty salon chain Avone Beauty Secrets, with branch manager Sammi Zheng. Mobile payment is a worldwide trend and if companies do not adapt, they will be left behind, says Mr Teo.PHOTO: GIN TAY FOR THE STRAITS TIMES

31,089 firms, organisations have signed up to use e-payment service PayNow Corporate within three days of launch

Just three days after launching PayNow Corporate - a new method of transaction to aid cashless payments between businesses - figures from the Association of Banks in Singapore (ABS) show 31,089 firms and organisations have signed up by Wednesday for the service using their Unique Entity Number (UEN).

The UEN is the standard identification number of an entity, much like the NRIC for Singapore citizens and permanent residents.

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A version of this article appeared in the print edition of The Straits Times on August 20, 2018, with the headline 'More firms jumping on cashless payment bandwagon'. Print Edition | Subscribe