The launch reflects the increasing shift towards digital payments which has been accelerated by the onset of the COVID-19 pandemic.
HSBC will provide merchants with a PoS (Point of Sale) device which comes with an in-built PayNow QR function that is ready for immediate use. Customers need only scan the unique PayNow QR code generated by the PoS device using their mobile banking application, to review and authorise transactions. This solution is different from other commonly available digital solutions as merchants will not need to have a separate physical PoS device or tablet to specifically use the PayNow QR function and/or credit cards, therefore saving cost, complexity and time.
Lorna Whiston Schools, which offers both enrichment and preschool education, has recently adopted this new payment solution at its enrichment centres.
"The new PoS device is easy to use and did not require any technical implemention. We simply received the PoS device and we were good to go. The ability to now accept PayNow payments also makes it more convenient for our busy parents as it allows them to scan and pay directly from their bank account, without a need for manual key-ins or cash exchange," says Kym Tan, Head of Administration at Lorna Whiston Schools.
Mr David Koh, Head of Global Liquidity and Cash Management, HSBC Singapore said: "The pandemic has required all companies and individuals to rethink and transition from manual to electronic processes. This solution supports the merchants’ response to a significant change in consumer behaviour, and in a way that saves time, removes complexity and reduces costs."
HSBC Omni Collect
The new solution is part of HSBC Omni Collect, a one-stop collections solution that allows brick-and-mortar stores, kiosks and e-Commerce sites to accept multiple payment types, across Asia.
"We continue to invest in digitising and simplifying our processes, enabling us to revolutionise payments and make banking simpler and better for customers, especially during these challenging times when technology and digitisation is more important than ever," said Kee Joo Wong, Regional Head of Global Liquidity and Cash Management, Asia Pacific, HSBC.
Over two thousand clients across Asia are currently using Omni Collect. Online transactions have tripled since January, with the value of these transactions increasing five-fold over the same period.