Southeast Asia is no stranger to QR codes and mobile commerce, especially in Singapore. The country's high mobile penetration rate has contributed significantly to the rise of mobile commerce within the past decade. With e-commerce on the rise, consumers increasingly demand a more effortless and seamless payment option to match their purchasing experience. A survey by VISA suggests that 97% of Singaporeans prefer to use a single app to make all day-to-day payments, including e-commerce purchases. To keep up with the consumer trends of e-commerce efficiency, the PayNow initiative was born with the support of 9 major banks in Singapore to unite and simplify the crowded e-payment space.
When PayNow Corporate launched in August 2018, it opened new doors for businesses to receive secure and instant payments from consumers nationwide. Fast and secure transfers (FAST) through this service are processed via a QR code or Unique Entity Number (UEN), offering great convenience for both consumers and businesses. Currently, more than 3 million Singaporeans have PayNow tagged to their accounts — in September 2019 alone, over S$ 1 billion transacted through this service via the users' preferred banking app. But why should businesses use PayNow when card acceptance is still high? Well, that's simple. The adoption of PayNow will help companies overcome these common pain points:
Omise is currently the first and only online payment gateway, which incorporates both PayNow and card payment in one suite of developer-friendly APIs. Omise's PayNow solution offers a dynamic QR that pre-fills all transaction details automatically - the user only needs to scan and approve the transfer in their app. Merchants can also customize their metadata for every transaction made. The use of metadata helps increase payment accuracy and reduce errors, which makes reconciliation a piece of cake.
For better efficiency of your business operation, Omise's dashboard facilitates live monitoring of all transactions and immediate processing of refunds and chargebacks all in one place. Don't just take our word for it, though; you can try out our test dashboard here!
Omise truly believes in the beneficial value of PayNow towards e-commerce businesses in Singapore. If you need any assistance or would like to understand more about our PayNow solution, feel free to contact our Singapore-based team. No ticket system and routing your technical queries across the globe, we promise.
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