Various countries around the world prepare to embrace cashless transactions In some regions, that is much easier said than done. Singapore is launching a new solution for businesses to get on the cashless bandwagon. The PayNow mobile app will undoubtedly create some shockwaves.
Getting more people excited about cashless payments is more difficult than assumed. One would expect businesses to jump on this new opportunity. So far, adoption of contactless solutions in Singapore has been slow-going. With the PayNow mobile application, that situation may come to change fairly soon.
Pushing Cashless Adoption in Singapore
This new solution is introduced by the domestic banking industry. The Association of Banks in Singapore and seven local banks have launched this peer-to-peer funds transfer app. It was originally designed for retail customers, but has now been upgraded to business clients as well. PayNow Corporate will let appropriate users pay and receive funds instantaneously.
OCBC Bank’s Melvyn Low adds the following:
“Singapore’s e-payments journey so far has been focused on the consumer – providing them with the tools to make e-payments and educating them about the benefits. But for e-payments to become pervasive, the next big step has to come from businesses. From the sustained, strong response to PayNow from our customers, we are confident that there will be a significant reduction in cash and cheque use.”
It will be interesting to see what the future holds for PayNow Corporate. SMEs are on the verge of going cashless in the coming years. Applications like these may help them achieve that goal sooner than originally planned. Singapore is setting the tone for the rest of the financial industry to follow in this regard.