PayNow is a Singapore national fund transfer service. PayNow transaction sharply increases, this month alone, it reached over S$1 billion ($720 million).
By July this year, the number of PayNow transaction have jumped by more than 33 times, from 150,000 to 5 million.
The service just launched in July 2017. PayNow allows users to transfer money instantly by using nationally registered identity card, designated mobile number, or unique entity number (UEN). Thus, users do not need a bank account number anymore.
The service launched by the Singapore government as an effort to spur adoption of cashless transactions in the city-state.
Up to today, there are 2.8 million individuals registered as its users since it is first launched. From that number, 1.8 million users are bank accounts linked to the mobile phone number. While the rest of the users linked to identity card numbers.
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Moreover, the government estimates more than 65% of Singaporeans aged between 20 and 75 have already registered in PayNow.
Besides, PayNow has also launched PayNow Corporate in August 2018. It offers special services for businesses. Now, there are over 115,000 UENs that have been registered in PayNow Corporate. That number represents roughly half of the total number of UENs issued to active businesses.
Other than that, there are 32,000QR codes payment have been deployed. The payments are made in hawker centers, supermarkets, and healthcare outlets, representing a 20% penetration rate.
In the future, the government the volume for PayNow Corporate users to keep growing.
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According to the Singapore Business Review, the growth of e-payments in the country is steady. The advanced smartphone, APIs, and distributed ledger technology the key drivers. Consumer demand also supports growth. There are more users demand payment solutions that support a mobile and international lifestyle.