PayNow adopts SGQR specifications

Businesses no longer need to generate and display new QR codes for each transaction.

PayNow is adopting the Singapore Quick Response Code (SGQR) specifications, enabling businesses to collect payments via PayNow through the national unified payment QR code, the Association of Banks in Singapore announced.

As SGQR combines multiple payment QR codes into a single SGQR label, businesses do not need to generate and display a separate PayNow QR code to collect payments by PayNow. Consumers can simply spot the PayNow logo on an SGQR label, scan the QR code with their preferred bank app and pay via PayNow.

Some companies that have begun collecting payments via PayNow include AXA, Blum South East Asia, Josiah Montessori, Nanyang Polytechnic, QBE, Saxo Capital Markets, and Senoko Energy.

Currently, there are more than 3 million registered individual PayNow users and 129,000 business PayNow users, who have collectively transferred more than $12b since its launch in June 2017, ABS shared.