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Individuals and small businesses receive new incentives to use PayNow

Individuals and small businesses receive new incentives to use PayNow

PayNow is a funds transfer service that allows individuals and businesses to transfer and receive money instantly to other customers who are also registered. (Graphic: ABS)

SINGAPORE: New incentives have been announced to encourage individuals and small businesses to sign up and use PayNow, as part of safe distancing efforts to limit the spread of COVID-19.

On Thursday (Apr 9), the Association of Banks in Singapore (ABS) announced the Carry On With PayNow campaign, launched in partnership with the nine PayNow participating banks.

For a period of 10 weeks spanning Apr 13 to Jun 21, individuals can win S$100 each week when making PayNow transfers to businesses, with 100 winners for each of the 10 weeks.

The first 20,000 small businesses that sign up for PayNow from Apr 9 to Jul 31 will receive a cash incentive of S$25. Small businesses that receive more than 10 payments through PayNow during the same period will receive an incentive of up to S$50. 

Citing safe distancing as a key strategy to minimise the community spread of COVID-19, ABS said digital and contact-free payments help support such measures.

“We understand that some business operators would need help especially with technology, so our personnel are trained to walk them through step-by-step, where necessary," said Mrs Ong-Ang Ai Boon, Director of ABS. 

"ABS is confident that PayNow will continue to be the choice and trusted e-payment platform supported by the banks to meet customers’ payment and collection needs as we progress through this challenging period.”

PayNow is a funds transfer service that allows individuals and businesses to transfer and receive money instantly to other customers who are also registered. 

The nine banks which offer PayNow are Bank of China, Citibank, DBS Bank/POSB, HSBC, Industrial and Commercial Bank of China, Maybank, OCBC Bank, Standard Chartered Bank, as well as UOB.

Source: CNA/ic(ac)

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