As the nationwide combat against Covid-19 extends, the Association of Banks in Singapore (ABS) announced proactive measures to help businesses go digital for their payment activities. These measures include monetary incentives to encourage small businesses to sign up and use PayNow for instant transfers with a Unique Entity Number (UEN) or SGQR.
Businesses benefit from PayNow as transfers are instantly credited into their bank accounts without having to physically handle and deposit cash.
From 9 April to 31 July 2020, the first 20,000 SMEs signing up for PayNow will receive a cash incentive of S$25.
SMEs registered on PayNow Corporate and receiving more than 10 payments via PayNow during the qualifying promotion period will receive an incentive of up to S$50*. The reward is limited to the first 10,000 SMEs meeting the criteria per qualifying period.