Omise announced that it will release PayNow as a new payment option to benefit e-commerce businesses in December 2019.
This initiative will help broaden consumer payment choice at the checkout by providing Singaporeans the ability to transact seamlessly through 9 major banks in Singapore. Omise believes that the unification of Singapore's e-payment ecosystem through PayNow will offer a great value proposition, especially for small and medium enterprises. The company is in full preparation to launch a developer-friendly suite of APIs that will allow one integration for both cards and PayNow acceptance.
PayNow will allow e-commerce businesses nationwide to accept payments seamlessly through a fast and secure transfer (FAST) simply by scanning or uploading a QR code straight from the user's mobile device. Transactions that are processed through PayNow possess the same high-security standards as the banking industry in Singapore and are made through a registered mobile number, National Registration Identity Card (NRIC), or Unique Entity Number (UEN).
Omise is proud to launch PayNow Corporate as part of Singapore's cashless drive towards a Smart Nation. Consumers are becoming more digitally savvy and demand fast and seamless payments. As a result, more and more companies are adapting to this shift and recognising the speed and convenience of PayNow over cash and cheque collections. With PayNow, businesses are simply able to get paid faster and become more efficient. Omise is excited to be able to offer businesses multiple online payment methods across cards, PayNow and e-wallets on one payment platform. Nick Gan, Omise's Country Manager (Singapore) said.
PayNow Corporate is a fund transfer service that was launched in 2018 as part of Singapore's Smart Nation initiative to serve its citizens and businesses through better technology. The e-payment service is to help open new doors for businesses across Singapore to facilitate instant, seamless, and secure digital transactions for consumers nationwide. With the support of 9 major banks in Singapore, the usage of PayNow is expected to grow continuously which can help e-commerce businesses widen their reach to over 3 million people in Singapore.