The market in Singapore is highly digital, bank-led, and shaped by everyday use of mobile banking apps. Alongside cards and wallets, PayNow has become a widely used payment method in Singapore, both online and in store.
For global merchants, PayNow is often unfamiliar at first. It does not behave like a card scheme, and it does not sit inside a standalone wallet. Yet for many local customers, it is a default way to send money and make payments. Understanding how PayNow works, where it fits, and what it enables can help you make more informed decisions about payment acceptance in Singapore.
PayNow is a real-time bank transfer payment method in Singapore. It allows individuals and businesses to send money directly from one bank account to another using simple identifiers rather than full bank account details.
Instead of entering an account number, users can send money using a mobile number, national ID, or a Unique Entity Number (UEN) for businesses. PayNow is supported by major banks in Singapore and is built into their mobile banking apps.
Customers use PayNow to send money, pay merchants, settle invoices, and make everyday payments. From a merchant's perspective, PayNow functions as a local bank transfer payment method in Singapore with immediate confirmation.
PayNow enables real-time money transfers between customers and businesses through Singapore’s FAST infrastructure, which processes payments instantly.
The typical PayNow payment flow works like this:
For merchants, PayNow is most commonly offered through PayNow QR. In many cases, this QR code is part of SGQR, Singapore’s unified QR standard. One QR code can support PayNow alongside other local schemes, making it easier to manage in-store and online acceptance.
Because the customer authorises the payment directly in their bank app, no card details or account numbers are shared with the merchant.
Singapore customers are highly accustomed to bank-app payments and QR-based flows. PayNow is a default option in many local banking apps and is widely used for peer-to-peer and merchant payments.
Supporting PayNow helps you align with how local customers already prefer to pay. It also complements cards and wallets, particularly for price-sensitive purchases or customers who prefer direct bank transfers.
As of 2024, 55% of Singapore consumers use PayNow for payments, and 68% of the country’s Gen Z prefer to use it. These figures highlight how deeply embedded PayNow payments are in daily commerce.
PayNow payments confirm instantly. This removes the uncertainty associated with manual bank transfer instructions or delayed settlement windows.
For merchants, real-time confirmation can reduce pending orders and speed up fulfilment. This is especially helpful for:
Real-time payments are also becoming more prominent across Singapore’s payment ecosystem. Transaction volumes continue to grow rapidly, reinforcing customer expectations around instant payment confirmation.
PayNow is a QR-native payment method. In physical locations, customers expect to scan and pay within seconds using their bank app.
PayNow QR commonly sits within SGQR labels, which means a single QR code can support multiple payment schemes. This simplifies counter-top operations and reduces visual clutter.
This model works particularly well for:
PayNow can be offered as a local alternative payment method at online checkout. A typical flow includes:
This approach suits local Singapore customers and segments that prefer bank transfers, particularly in high-trust categories such as utilities, education, and professional services.
In-store PayNow payments usually rely on QR codes. The customer scans the merchant’s QR code, enters the amount or confirms a prefilled amount, and authorises the transfer in their bank app.
The same UEN or QR code can often be reused across physical locations, invoices, and digital channels, supporting an omnichannel payment experience.
Businesses can accept PayNow payments by sharing their UEN or UEN with a suffix on invoices. Customers send money directly from their bank account with immediate confirmation.
This is commonly used for:
Start by working with a payment service provider that offers PayNow as a supported payment method in Singapore. This removes the need to build direct bank connections and helps you manage PayNow payments alongside other methods.
Once PayNow is available through your provider, enable it through the dashboard or integration layer. This step typically involves linking your business identifiers, such as your UEN, and confirming settlement details.
Configure how customers use PayNow across online checkout, in-store QR, or invoice-based payments. Make sure payment confirmation is clearly surfaced so orders or services only proceed once funds are received.
Ensure that PayNow transaction references, amounts, and timestamps align with your internal reporting. Clear reconciliation processes help finance teams track incoming money transfers and reduce manual follow-up.
Before going live, test refund handling, failed transfers, and customer support flows. PayNow refunds often rely on bank or PSP processes, so clarity here helps set expectations internally and with customers.
While the customer experience is simple, merchants benefit from clear internal processes for confirmation, reporting, and refund handling.
While PayNow offers clear advantages, there are limitations to consider:
For merchants targeting Singapore, supporting PayNow payments can improve payment acceptance, provide faster confirmation, and fit naturally into QR-led commerce. PayNow works best as part of a payment mix rather than a replacement for cards or wallets. When implemented strategically, it supports local expectations while offering clear operational benefits.
Payment partners such as Antom support PayNow alongside other local and global payment methods, helping merchants manage regional payment preferences through a single integration.