HSBC PayNow Corporate users to access to SGQR

HSBC Singapore is pleased to announce its PayNow Corporate service now enables businesses to utilise Singapore’s national unified payment Quick Response (QR) code, Singapore Quick Response Code (SGQR). SGQR allows companies to collect payments from multiple QR payment options, of which PayNow is one, through a single QR. The development follows the announcement by The Association of Banks Singapore (“ABS”) that PayNow QR will adopt the SGQR specifications.¹

PayNow Corporate is a peer-to-peer funds transfer service that allows payments to be made digitally via a QR code without the need to obtain bank details from beneficiaries. This greatly improves consumer experience and increases convenience for businesses.

SGQR is intended to simplify QR e-payments in Singapore by combining multiple payment QR codes into a single label.² HSBC corporate customers will no longer need to generate and display a separate PayNow QR code to collect payments by PayNow, and can now replace this with the unified SGQR code, free of charge. Consumers can simply spot the PayNow logo on an SGQR label, scan the QR code with their preferred bank app and pay via PayNow.

QR codes offer businesses multiple payment and collections benefits:    

• Increased convenience: reduces the need for payers to input beneficiary’s details manually, improving customer experience.
• Lowest cost to collect: Enables business to replace expensive collection channels
• Treasury efficiencies: streamlining the collections process and improves reconciliation through enhance payment details.
• Instant funds realisation: Businesses get funds credited to their account instantly enabling better cash flow.

David Koh, Head of Global Liquidity and Cash Management, HSBC Singapore, commented on the ability for businesses to access SGQR: “Creating a secure, accessible and efficient payments ecosystem is tantamount to achieving Singapore’s Smart Nation ambitions. PayNow Corporate’s incorporation into SGQR takes the evolution of digital payments one step further; driving a simpler route for businesses to interface with their consumers and making day-to-day payments easier.

Two clients of HSBC Singapore currently utilising PayNow Corporate also commented on the ability to now collect payments via QR codes:

Marcus Holz, Managing Director, Blum South East Asia Pte Ltd: “PayNow has been crucial in Blum’s step to going digital, creating a faster and cheaper way for collections compared to traditional methods such as cash and credit card. SGQR is a welcome development, and we see its benefits not only supporting our business but the customer experience too.

Thomas Q Hansen, Chief Operating Officer (Asia), Saxo Capital Markets: “PayNow has not only transformed the accuracy and efficiency in collecting payments, but moreover has improved our client’s experience. By removing the possibility of remitter information not being available, PayNow enables a simpler, more intuitive way for clients to fund their accounts. PayNow – and now its extension on SGQR - is proof of innovation at its best.” 

There are more than 2.9 million registered individual PayNow users and 120,000 business PayNow users, who have collectively transferred more than S$11.5 billion since its launch in June 2017.¹

PayNow is a peer-to-peer funds transfer service available to retail customers of nine participating banks in Singapore – 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.

¹ The Association of Banks, Media Release: PAYNOW QR ADOPTS SGQR SPECIFICATIONS, 11 November 2019

² https://www.mas.gov.sg/development/e-payments/sgqr