PayNow
PayNow is Singapore’s national real-time payment system operated by the Association of Banks in Singapore, enabling instant account-to-account transfers using a mobile phone number, NRIC/FIN number, or UEN (Unique Entity Number for businesses), without the need to exchange bank account details. Launched in 2017 for consumers and extended to businesses in 2018, PayNow is now used by 80% of Singaporean consumers and businesses and is deeply embedded in everyday payment flows across the country.
Singapore’s digital payments market reached USD 23.5 billion in 2025, with PayNow at its centre. Digital wallets became the most popular payment method in Singapore as of 2024, surpassing credit cards in terms of consumer preference, and PayNow’s near-universal adoption underpins much of that shift. For any merchant with Singaporean customers, PayNow is a baseline checkout requirement alongside cards.
The payment flow is straightforward. At checkout, the customer selects PayNow, scans a QR code or enters a reference, and confirms the transfer from within their banking app. The merchant receives real-time confirmation. Settlement is instant, which simplifies reconciliation and eliminates payment confirmation delays. No card details are involved, reducing PCI scope, and the bank authentication layer means fraud rates are low.
On cost, PayNow is structurally cheaper than card processing. Transaction fees for merchants receiving PayNow payments are waived by major Singapore retail banks at the bank level, meaning the cost to merchants comes from the PSP’s processing margin rather than an interchange component. PSP fees for PayNow through payment gateways are typically in the range of 1.0% to 1.8%, meaningfully below the 2.5% to 3.9% common for card processing in Singapore. Merchants are prohibited from surcharging customers for PayNow transactions, a policy confirmed by the Monetary Authority of Singapore as recently as October 2025.
PayNow is also linked to Singapore’s SGQR initiative, the unified QR code standard that consolidates multiple payment schemes into one scannable code at point of sale, reducing physical infrastructure complexity for merchants accepting multiple wallet types.
PSP access is available through HitPay, Stripe, 2C2P, Airwallex, and most major Singapore-focused payment providers. For international merchants selling into Singapore, PSPs with regional Southeast Asia coverage are the most practical integration route.
Relevant markets: Singapore
