PayNow Corporate for Business
PayNow is an enhanced peer-to-peer funds transfer service available to customers of these nine participating banks: Bank of China, Citibank, DBS Bank/POSB, HSBC, Industrial and Commercial Bank of China Limited, Maybank, OCBC Bank, Standard Chartered Bank, and United Overseas Bank
With PayNow Corporate coming on 13 August 2018, you can make and receive payments instantly with just your Unique Entity Number (UEN), without the need to know or disclose any account numbers.
Simultaneously when PayNow Corporate is implemented, it will be part of the Singapore Quick Response (SG QR) Code. This will enable retail, businesses and corporates to make instant PayNow transfers by scanning the merchant’s or individual’s QR via their bank’s mobile banking app. Customers will need to update their bank’s app to avail of this function, which is available on both Apple iOS and Android smartphones.
Uses for PayNow Corporate
Pay Part Time Pay via Mobile Number to NRIC
Company that regularly employs temporary staff for events that they organise. Since the workers are employed on a one-off basis, the company frequently pays its workers via cash or cheque. Using PayNow Corporate, the company can make payments to the workers with their registered mobile numbers or NRIC, without having to go through the hassle of collecting their bank account details. This helps the company reduce the costs associated with handling cash and cheques.
Make Instant Refund to Online Shoppers
Online shop that sells apparel, allow for customers to return the purchases within a week, they have to process refunds to customer regularly. With PayNow, they can refund the monies directly to their customers’ registered mobile number, hence shortening the refund process and providing a better customer experience.
Provide Customer with alternative payment method
A small retail shop can receive cash payments frequently. With PayNow Corporate, the company is able to display their UEN or QR code at the cash register. Customers can easily pay for their purchases by keying in the UEN or scanning the QR code, and the company can receive the payments into their account immediately.
Collect monthly Bill payments from your customers
Company that provides utilities services to their customers, and sends their bills to them monthly. While the company offers various modes of electronic payments, many of their customers still pay them using cheques. With PayNow Corporate, the company can include a QR code on their monthly bills so that their customer can make payment simply by scanning the QR code.
Getting Started with PayNow Corporate
Step 1: Register your UEN and the UOB SGD Current Account that you wish for payments to be made to.
Step 2: Generate your QR code that is linked to your UEN. QR codes can be generated via BIBPlus for display at collection channels. For QR codes to be included in bills/invoices, UOB will assist with the generation of QR code.
Step 3: Receive notifications of the inward payments via email or SMS when you sign up for UOB eAlerts!
Step 1: Ensure that you have the PayNow ID (i.e. mobile number/NRIC/FIN/UEN) of your payee in order to make a payment via PayNow Corporate. Ensure your payees are registered for PayNow.
Step 2: Make single or bulk payments to your recipients using electronic channels such as BIBPlus or BIBPlus Mobile. PayNow Corporate will be available to all existing BIBPlus customers who are on either the Professional or Premium Package.