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The Ultimate Guide to PayNow - Fast, Secure, and Convenient QR Code Payments in Singapore

Updated: Aug 12


Enhance your POS payment technology with RewardlyPay

In today’s fast-paced digital economy, seamless payment solutions like PayNow, SGQR, and DBS PayNow have revolutionized how individuals and businesses transfer money. Built on Singapore’s FAST (Fast and Secure Transfers) system, PayNow enables instant peer-to-peer (P2P) and business transactions using just a mobile number, NRIC/FIN, UEN, or Virtual Payment Address (VPA)—no bank account details needed.


With cross-border capabilities (like PayNow-PromptPay for Thailand and PayNow-DuitNow for Malaysia), PayNow is a key player in ASEAN Payment Connectivity. Businesses also benefit from PayNow Corporate, which integrates with SGQR codes and payment gateways like RewardlyPay, making transactions smoother than ever.


What is PayNow?

PayNow is an instant fund transfer service that allows users to send and receive money using: ✅ Mobile number ✅ NRIC/FIN ✅ Unique Entity Number (UEN) for businesses ✅ Virtual Payment Address (VPA) for e-wallets

Key Features:

✔ Instant transfers (24/7, including weekends & holidays) ✔ No bank details needed (enhanced privacy & security) ✔ Cross-border payments (Thailand, Malaysia, India) ✔ Secure transactions (bank-level encryption) ✔ Wide adoption (5M+ users in Singapore, 240K+ businesses)

PayNow Use Cases


1. For Individuals


  • Send money to friends & family instantly

  • Split bills, pay for services, or donate

  • Receive salary, government payouts, or refunds

  • Cross-border remittances (Thailand, Malaysia, India)


2. For Businesses (PayNow Corporate)


  • Accept customer payments via UEN or SGQR codes

  • Faster invoice settlements (no manual bank transfers)

  • Static & dynamic QR codes for in-store & online payments

  • Seamless integration with payment gateways (e.g., NETS, Adyen, Stripe, Airwallex)


How to Register for PayNow


For Individuals (via digibank/DBS PayNow)


  1. Log in to your bank’s mobile/internet banking.

  2. Navigate to PayNow Registration.

  3. Link your mobile number or NRIC/FIN to your bank account.

  4. Set a nickname (visible to senders for verification).

  5. Start receiving funds instantly!


For Businesses (PayNow Corporate)


  1. Have a corporate bank account with a participating bank.

  2. Link your UEN via online banking.

  3. Generate a static or dynamic SGQR code for payments.

  4. Integrate with payment gateways for eCommerce transactions.


How PayNow QR Codes Work

PayNow QR codes simplify cashless payments:


1. Static QR Codes

  • Fixed QR (e.g., displayed at hawker stalls)

  • Customer scans & enters payment amount manually


2. Dynamic QR Codes


  • Unique per transaction (auto-generates payment amount)

  • Used in eCommerce & invoices (via payment gateways)


3. Dynamic QR Codes via Proxy


  • Initiated by the POS system (eg. Rewardly POS)

  • Unique per transaction (auto-generates payment amount)

  • Used in eCommerce & invoices (via payment gateways)


Payment Flow:


  1. Customer selects PayNow at checkout.

  2. Scans SGQR code via banking app.

  3. Verifies details & confirms payment.

  4. Funds transfer instantly to the merchant or proxy


Why Businesses Should Adopt PayNow


✅ Faster checkouts (reduces cart abandonment)

✅ Lower fees vs. credit cards

✅ Real-time settlements (improves cash flow)

✅ Secure & trusted (backed by Singapore banks)

✅ Global expansion


Case Study - Kopi Siew Dai

Located in the SAFRA club at Karthib, Kopi Siew Dai, a local kopitiam specialised in Hainanese coffee and Singapore dishes, established their first outlet in the SAFRA club to serve the guests who patronise the leisure club. The shop is bustling during weekends, while parents will bring their kids for enrichment classes and participate in the activities organized by the club.


The surge of foot traffic brings business to Kopi Siew Dai, and it is the busiest time of the week, requiring the team to handle a large number of orders and churn out the food quickly and precisely. Rewardly POS manages the cashier operation and takes care of customer orders from both the cashier and the QR code ordering. Instead of cash, Kopi Siew Dai encourages the guests to pay with digital payment, PayNow, which is easier for the cashier to handle the payment, ensures better hygiene, and is suitable for guests without having to receive change. Kopi Siew Dai has seen a reduction in order-taking time by 10% and a 0% fraud rate thanks to the PayNow offer by DBS Bank.


PayNow is the Future of Payments


PayNow has transformed digital payments in Singapore, offering speed, security, and convenience for both individuals and businesses. With SGQR codes, DBS PayNow, and cross-border links, it’s a must-have for any modern payment strategy.


For businesses, integrating PayNow Corporate with RewardlyPay or other payment gateways ensures seamless transactions, whether in-store or online. As cashless adoption grows, PayNow remains a key driver of Singapore’s digital economy.


🚀 Ready to accept PayNow payments? Explore RewardlyPay’s payment gateway solutions today and streamline your transactions!

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