SINGAPORE - Consumers and businesses can now make all e-payments using a single QR code that combines multiple digital payment solutions into one.
This means that businesses no longer need a separate QR code to collect PayNow payments, and can use just one universal code instead.
With this streamlining of QR codes, it will be simpler for consumers to use the mobile payment service, the Association of Banks in Singapore said on Monday (Nov 11).
Consumers can scan the universal QR code - the Singapore Quick Response Code (SGQR) - with their banking apps and still pay via PayNow.
PayNow is a peer-to-peer funds transfer service that allows retail customers of the nine participating banks to send and receive money using only their mobile number or Singapore NRIC or FIN (Foreign Identity Number).
Its extension PayNow Corporate, which allows businesses to transfer money electronically using their Unique Entity Number, was introduced last year.
The SGQR code was launched last September and allows consumers to scan and transfer funds from more than 25 payment apps such as GrabPay and Nets.
There are more than three million individuals and 129,000 business users registered to use the PayNow service, who have collectively transferred more than $12 billion through the service since its launch, ABS said.
ABS director Ong-Ang Ai Boon said: "With PayNow being part of the SGQR ecosystem, we believe the registrations and transactions will continue to ramp up."
The association's objective is to push PayNow as the ubiquitous payment mode in Singapore, she added.
Mr Sopnendu Mohanty, chief fintech officer at the Monetary Authority of Singapore, noted that PayNow QR adopting the SGQR specifications further simplifies QR e-payments for both consumers and businesses.
"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 space."