Singaporeans will now be able to use the PayNow service to settle their bills. PayNow has expanded its services to be used across all government agencies and statutory boards.
The PayNow Corporate service is dedicated to enterprises, government agencies and associations within Singapore.
This service allows for the transfer of funds via linking the Unique Entity Number (UEN), which is issued in Singapore, to the Singapore bank account.
Now, Singaporeans will have two payment options, either using PayNow or the Giro system.
The hassle faced with Giro is the need to constantly input details such as bank account information onto forms. It also takes about two days for the payment to be cleared.
In contrast, PayNow allows for immediate transfer/payment of money.
PayNow is the most welcomed e-payment system in Singapore and has had a bulk tender placed for government agencies to incorporate its services.
A spokesman from the Smart Nation and Digital Government Office (SNDGO) said, “This is in line with the digital government blueprint target to offer e-payment options for all government services by 2023.”
They said that the tender will provide for a more efficient platform for agencies to use the PayNow service to pay out and receive payments, in the event where the bank account numbers are not available.
Transfer and receiving of payments will be done in real-time. There will no longer be a need for acquiring bank account and credit card details of an individual.
Singaporeans can enjoy more efficient services such as instantly paying for sports facility bookings, library fines or conservancy fees via QR code scans.
School fees and traffic fines can also be paid with the PayNow service.
It is expected that the use of this service will allow Singaporeans to settle about 90 per cent to 95 per cent of payments while in the comfort of their home.
The Central Provident Fund (CPF) extends its services such that lump sum withdrawals can be made through the PayNow service.
In an earlier OpenGov article, we reported that the Ministry of Education (MOE) had announced the use of the PayNow service to disburse Edusave Award monies to the Institute of Technical Education (ITE) and polytechnic students, as part of a pilot programme.
With Singapore’s journey towards being a cashless economy, e-payments exist as a key strategic Smart Nation project.
The current process for disbursing Edusave Award monies is done via cheques. This new pilot initiative will see recipients receiving the monies in their bank accounts on the day of the award presentation.
Recipients will have to ensure that they have signed up for the PayNow service.
PayNow is an e-payment service which allows for the transfer of funds from one bank in Singapore to another, by using one’s mobile number or Singapore NRIC/FIN number.
Payments can be done using QR code scans as well.
It allows for the immediate sending and receiving of money, without the need for details such as recipient’s bank and account number.
This service is available across nine participating banks: Bank of China, Citibank Singapore Limited, DBS Bank/POSB, HSBC, Industrial and Commercial Bank of China Limited, Maybank, OCBC Bank, Standard Chartered Bank, and UOB.