PayNow users to get unified QR payment experience with proposed upgrades
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A unified payment experience for local users and tourists using PayNow and the NETS QR code is in the works.
ST PHOTO: LIM YAOHUI
- The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) have proposed enhancements to PayNow aimed at delivering a unified QR payment experience for both local users and tourists, integrating PayNow and NETS QR codes, and improving online checkout processes for major merchants and e-commerce platforms.
- The upgrades include plans to enable seamless payment flows where customers can be directed directly from merchant websites or apps to their banking or wallet apps with pre-filled payment details, eliminating the current multi-step process. Testing for larger-value government transactions will begin in 2027, with expanded business payment capabilities starting preparations in 2026.
- A benchmarking study against 11 international payment systems found PayNow strong in adoption, reach, pricing, and core user experience, but identified opportunities to enhance advanced consumer features such as pre-authorised and recurring payments, business-to-business transactions, and higher transaction limits. Since its launch in 2017, PayNow has achieved over 90% usage among Singapore residents and businesses.
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SINGAPORE – PayNow users can expect a more seamless payment experience with a new set of enhancements unveiled by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS).
These include a unified QR payment experience for local users and tourists using PayNow and NETS QR codes, as well as an enhanced online checkout experience for customers shopping on major merchants’ websites and e-commerce platforms.
Transactions in larger values for selected government payments are also being studied, alongside a wider range of payment options to support businesses, including low-value, high-frequency transactions and expanded cross-border connectivity.
The current limit for PayNow via the FAST (Fast And Secure Transfers) service is $200,000 per transaction.
The proposals form part of the PayNow Generation 2 study unveiled on June 25, which aims to prepare Singapore’s national payments infrastructure for changing consumer and business needs.
Merchants currently process payments through either a PayNow bank or NETS. Not all banking apps or wallets can scan a NETS QR code, and the NETS app cannot scan and pay through a PayNow QR code.
MAS and ABS said they aim to pilot the unified QR payment experience by end-2026.
They also target the smoother online checkout functionality to be ready within a year.
Consumers making online purchases currently have to save a PayNow QR code, switch to their banking app to complete the payment, and then return to the merchant’s website.
Under the proposed integration, users would be taken directly from a merchant’s website or app to their banking or wallet app with payment details pre-filled.
The testing for larger-value government transactions will begin in 2027, while preparation for expanded capabilities for business needs will start in 2026, MAS and ABS added.
In the study, PayNow was benchmarked against payment systems in 11 jurisdictions: Australia, Brazil, China, Hong Kong, India, Indonesia, Malaysia, Thailand, Sweden, Switzerland and the UK.
It found that PayNow did well in areas such as adoption and reach, pricing, and core user experience.
But it also identified room for improvement in advanced consumer capabilities, such as pre-authorised and recurring payments, as well as business-to-business payment flows and higher transaction limits.
PayNow was launched in 2017 as a peer-to-peer fund transfer service in response to demands from consumers to make transferring funds easier and more convenient, and to allow real-time bank transfers without having to share bank account details.
An MAS spokesperson told The Straits Times in April that over 90 per cent of Singapore residents and businesses use PayNow, according to ABS data.
