Maybank Singapore, Liquid Group float QR payment platform for merchants

ABS will grant $25 in cash to the first 20,000 new PayNow sign-ups until 31 July.

Maybank Singapore has partnered with and mobile payments service provider Liquid Group to launch an all-in-one QR payment terminal solution for merchants, according to a news release.

Using the platform, merchants can generate a dynamic PayNow QR code where each customer can transact without keying in a bill amount.

The terminal supports the mobile banking apps of all nine PayNow participating banks in Singapore as well as non-bank payment apps such as UnionPay QR, WeChat and GrabPay.

For merchants who sign up for a Maybank Current Account linked to PayNow, payments would be instantly credited into their bank account, whilst those with other bank accounts will receive their funds the next transaction day. In addition, clients will have access to an online portal where they can view transaction details in real time and perform reconciliation of payments across different retail outlets.

Fees for all outgoing FAST and PayNow transfers will be waived until 31 July and 31 December 2020 respectively, according to Maybank Singapore’s head of virtual banking and payments Cynthia Liaw. Moreover, the Association of Banks in Singapore (ABS) will grant a $25 cash incentive to the first 20,000 new PayNow sign-ups from 9 April to 31 July.