The P2P funds transfer app for retail customers, PayNow is expanding to allow businesses to make and receive payments by using their respective Unique Entity Number (UEN).
Dubbed PayNow Corporate, the extension is available to businesses, corporate bodies and government agencies that are customers of seven participating banks: Citibank, DBS Bank/POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank and UOB.
Melvyn Low, head of global transaction banking, OCBC Bank adds: “Singapore’s e-payments journey so far has been focused on the consumer – providing them with the tools to make e-payments and educating them about the benefits. But for e-payments to become pervasive, the next big step has to come from businesses. From the sustained, strong response to PayNow from our customers, we are confident that there will be a significant reduction in cash and cheque use.”