So you’ve heard about all the buzz about Paynow Corporate.
What’s all the hype about? Should I be using this for my business? I’m sure many of us are quite lost on what this new service is and what we can do with it.
Singapore’s push to become a smart nation gave birth to the cashless peer to peer payment method PayNow. Launched in 27th June 2017, PayNow has amassed a record transaction amount of 1.2 Billion as of 10th August 2018.
Last week, to help businesses and SMEs capitalize on this new payment method, PayNow Corporate was launched.
Learn about what it is and how you can hop on the new service now:
What is Paynow?
Paynow is a convenient and efficient fund transfer system created by the Association of Banks in Singapore (ABS) in response to demand for simpler forms of transfers.
With Paynow, you only need to know the mobile phone number or Singapore NRIC number of a recipient to send funds to them. Long gone are the days where you have to know another person’s bank and account number to transfer money!
What is Paynow Corporate?
On 13th August, the service was expanded to include businesses as well.
This new system of payment will allow companies to send and receive funds through FAST using their company’s Unique Entity Number (UEN).
Why should my business use Paynow Corporate?
Convenience: There is no need to send your bank account details or business details in order to make transfers. Make transfers using UEN/NRIC or mobile numbers!
Seamlessness: Receive payment from customers simply by using your UEN or even QR code. Hassle-free and simpler for all parties involved.
Is it safe?
Paynow is highly secure and it is backed by both the Singapore Government and The Association of Banks in Singapore. Also, Paynow adopts the high standards of security established for local fund transfers.
Is there a limit to the amount I can transfer?
Yes, but its much higher than you think. For FAST transfers, the limit is $200,000. If you require to send more, you can use GIRO, which has no limits!
Are there charges to register?
Online registration for PayNow Corporate is absolutely free for all businesses with an existing banking account.
We have done a quick survey for the 3 local banks and they do not have any registration charges for PayNow Corporate if you register for the service online.
It is worthy to note that UOB charges a $10 set up fee for manual form applications, which will be waived from now till 31 December 2018, probably to help its less tech-savvy customers to adopt the new service.
Will there be charges for making a payment through PayNow?
[ UPDATED 21 AUG 18 ]
|UOB||Transaction Fee via FAST – $0.20
Transaction Fee via GIRO – Waived
|Transaction Fee via FAST – $0.50 per item till 31st Mar 2019, $0.70 thereafter
Transaction Fee via GIRO – $0.20 per item
Transaction Fee via FAST – $0.20 per transaction till 31st Dec 2018, $0.50 thereafter
Transaction Fee via GIRO – $0.20 per item
|DBS||All fees waived till 31st Dec 2019||
Transaction Fee via FAST — S$0.50 per transaction till 31st Dec 2019, $0.70 thereafter
Transaction Fee via GIRO —$0.20 per transaction till 31st Dec 2019, $0.50 thereafter
|Maybank||All fees waived till 31st Dec 2019||All fees waived till 31st Dec 2019|
|Standard Chartered||All fees waived||Transaction Fee via FAST — S$1.00 per transaction
Transaction Fee via ACH — S$1.00 per transaction
Transaction Fee via RTG — S$20.00 per transaction
|HSBC||All fees waived||Transaction Fee via FAST — S$1.00 per transaction*|
We are in the midst of finding out the charges as the various banks have their individual costs. Do check back here for updates, you may wish to bookmark this page for further reference!
So you’re ready to jump in!
Currently, the PayNow Corporate Payment Method is only available if your business is registered with one of these 7 banks. Click on the bank that you’re registered with and it’ll take you to their registration page, complete with all the steps you need to take to start your Paynow journey!
Register to use the service from this form.
You can apply for the service using your OCBC Mobile Banking App OR register via Velocity@ocbc.
Apply via DBS IDEAL (mobile app) OR manual form submission.
Details to be confirmed!
Complete their registration form and submit via email to firstname.lastname@example.org. AND apply for Business Internet Banking (BIB) with Funds Transfer.
Fill up their registration form and submit via email to Service.SGBizBanking@sc.com.
Register for an account on HSBCnet.