PayNow
Singapore’s real-time transfer service, run between the participating banks. Consumers use it to send money by phone number or NRIC; businesses use it to be paid by UEN, and merchant QR acceptance is built on the same rail.
Why it matters to a merchant
Near-universal among Singapore consumers, which makes the interesting question not whether to accept it but in which form. The gap between the version a merchant sets up in ten minutes and the version that reconciles itself is large, and it is the subject of the static-versus-dynamic distinction that follows.
Read more: Dynamic PayNow, static PayNow and SGQR: what a merchant needs to know
Where this comes up
Pages on this site that deal with this in context:
Related terms
In this section: The methods themselves