What Is PayNow Corporate? A Complete Guide for Singapore Businesses

For most Singapore residents, using PayNow is an everyday occurrence—whether paying for hawker food, making retail purchases, or hailing a ride on Grab. This is made possible by PayNow Corporate, which allows businesses to offer this fast, convenient payment option.

This article explores the goals and history of PayNow, why it's important for Singapore businesses, and how they can register to use it. We'll also examine the fees involved and introduce Wise Business as a low-cost option for Singapore businesses that need to send and receive international payments.

Table of contents
What is PayNow for business? Benefits of using PayNow Corporate How Singapore businesses can transfer money using PayNow How to apply for Paynow Corporate How to send and receive funds using PayNow Corporate Which banks offer PayNow Corporate services?

What is PayNow for business?

PayNow Corporate takes PayNow beyond just individual consumers, making it available for businesses, government agencies, and other organisations in Singapore.

Launched in 2018, PayNow Corporate aims to enable organisations to send and receive SGD payments instantly, while simplifying transactions by reducing reliance on cash and cheques and eliminating the need to share bank account details.

Instead, businesses link their Unique Entity Number (UEN) to their Singapore bank account and generate QR codes, providing a more convenient option for both B2B and B2C transactions.

Benefits of using PayNow Corporate

Here are some of the benefits of using PayNow Corporate:

• Speed - Send and receive SGD payments almost instantly.
• Convenience - Use unique identifiers (UEN, mobile, NRIC, VPA) or QR codes for effortless transactions.
• Security - Follows the banking industry's high-security standards and Monetary Authority of Singapore (MAS) regulations.
• Fees - Currently offers cheaper domestic payments than most credit cards and wire transfers.
• Accessibility - Over half of Singapore's population uses PayNow¹, available through 21 participating banks and 5 non-bank financial institutions (NFIs).
• Tracking - Provides real-time updates on transactions and notifications for better monitoring.
• Admin - Automated records minimise manual reconciliation, while reduced cash and cheque handling saves both time and costs.

Here are some of the limitations of PayNow Corporate:

• Transfers can only be made in SGD.
• Only entities incorporated in Singapore can sign up.
• Primarily designed for local transactions within Singapore.
• PayNow fund transfers can only be made to a participating NFI or bank.
• International money transfers are limited to four select partnered countries: India, Malaysia, and Thailand².

💡 Remember, if you're managing international payments across currencies, you could be incurring unnecessary forex markup fees that eat into your profits. With Wise Business, you get the mid-market exchange rate and access to a host of business tools and integrations at no extra cost. Unlike many other providers, Wise Business charges just a low one-time fee – with no monthly or annual fees after that. Register online and use the features you need, whenever you need them.

Learn more about Wise Business

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How Singapore businesses can transfer money using PayNow

To transfer money using PayNow Corporate, a business will use its PayNow-linked corporate bank account (or NFI) through its banking app, online banking, or integrated payment systems like APIs or ERP software.

The business then enters the recipient’s identifier—such as a mobile number, NRIC, UEN, VPA, or PayNow QR code—to complete the transfer.

Mobile number or NRIC

Businesses can send money to individuals by entering their linked mobile number or National Registration Identity Card (NRIC). As long as the recipient has linked it to their PayNow account, the money will go straight to them. If it isn’t linked, the transaction will fail, and the bank will notify you in real-time that the transfer can’t be completed.

However, these methods are only for sending funds to individuals, such as refunding a customer or paying an employee’s salary. Businesses cannot receive payments using a mobile number or NRIC.

Unique entity number (UEN)

Instead, businesses can send and receive money from other businesses using their linked UEN. This is the business equivalent of an NRIC. Similarly, the recipient business must have its UEN linked to PayNow Corporate, otherwise, the transaction will fail.

If the UEN is linked, the money is transferred directly to the recipient's corporate bank account without needing to enter any bank details.

PayNow QR code

Another way businesses can send and receive payments is through PayNow QR codes. This is often the easiest and most convenient method since you don’t have to manually enter any details—just scan the QR code and complete the transaction.

These QR codes work for both individuals and businesses. You’ll often see them printed on invoices, displayed at payment counters, or embedded in websites and digital documents.

There are two types of PayNow QR codes:

1. Static QR Code – A general QR code where the payer enters the amount manually.
2. Dynamic QR Code – A QR code with a pre-set payment amount, so customers don’t have to enter it themselves.

Virtual payment address (VPA)

A VPA is a unique identifier that can be linked to an NFI, such as a Wise Business account or a GrabPay Wallet. It allows individuals and businesses to connect their PayNow account to an NFI e-wallet while maintaining their existing PayNow registration linked to a bank account.

This means you can send and receive funds either through your VPA, which directs payments to and from your NFI, or through your UEN, which directs payments to and from your bank account.

Here is the format PayNow VPAs follow:

• For individuals: +(mobile number)#(NFI suffix)
• For businesses: (UEN)#(NFI suffix)

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How to apply for Paynow Corporate

Applying for PayNow Corporate is usually a simple process that doesn’t take much time. The process can vary slightly from one bank to another, but here’s a general rundown of the steps involved:

1. Check eligibility – Your business must be registered in Singapore with a valid UEN and have an SGD corporate account with a participating bank.
2. Log in – Access your bank’s online corporate banking platform.
3. Go to Settings – Look for the “Manage PayNow” or similar option in your bank’s settings or administration menu.
4. Link your UEN – Follow the on-screen instructions to link your UEN to your corporate bank account.
5. Add a suffix if needed – If your UEN is already registered with another bank account, you can add a 3-digit alphanumeric suffix to create multiple PayNow proxies.
6. Confirmation – Processing times vary; some banks approve PayNow registrations immediately, while others take up to five business days.

How to register for SGQR

Singapore Quick Response Code (SGQR) is a unified QR code system that lets businesses accept payments from multiple e-payment methods, including PayNow Corporate.

Customers can scan a single QR code and select to pay via PayNow or other supported payment options, such as NETS, GrabPay, and Alipay, eliminating the need for multiple QR codes.

Here are the steps to register your PayNow Corporate for SGQR:

1. Log in to your bank’s app or online banking platform.
2. Go to settings, then select “Manage SGQR” or "Manage Paynow & SGQR".
3. Follow the on-screen instructions to create a new SGQR code linked to your PayNow Corporate account or update an existing one. Most banks require you to fill out a registration form.
4. Receive printed SGQR labels from your bank or download them and display them at your counter or business premises.

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How to send and receive funds using PayNow Corporate

Once your business is registered with PayNow Corporate, you can start using it to send and receive funds.

Here's how to send funds:

1. Log in to your bank's business banking platform through a browser or app.
2. Navigate to the 'Payments' or 'Transfers' section.
3. Select 'PayNow' as the transfer method.
4. Enter the recipient's PayNow identifier, which could be their UEN, mobile number, NRIC/FIN, or VPA. You can also scan their PayNow QR code if available.
5. Enter the amount of SGD you wish to send.
6. Review all transaction details carefully to ensure they're correct.
7. Authorise and confirm the transfer. You may need to use authentication methods like a One-Time Password (OTP).

Here's how to receive funds:

1. Share your company's PayNow details (UEN, VPA, or QR code) with clients or customers who need to make payments to you.
2. Display the QR code on invoices, your website, or at your physical premises to facilitate easy payments.
3. When someone sends you a payment, the funds will be deposited directly into your linked corporate bank account.
4. Receive instant notification of incoming payments through your bank's corporate banking platform.
5. Reconcile the payments using the reference numbers or payment details provided by the sender.

➡️ Learn how you can receive money with PayNow by using your Wise Business Account ⬅️

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Which banks offer PayNow Corporate services?

Most banks in Singapore offer PayNow Corporate services, with 21 banks and 5 NFIs participating. Signing up is usually free, but the transaction fees can vary slightly depending on the bank.

Here’s what some of Singapore's leading banks charge for incoming and outgoing PayNow Corporate transfers:

Bank	PayNow Incoming Transfer Fee	PayNow Outgoing Transfer Fee
DBS	Free until Dec 31, 2025 (Fee waived)	FAST: S$0.50 per transaction GIRO: S$0.20 per transaction³
OCBC	Usually S$0.20 per transaction Free until Dec 31, 2025 (Fee waived)	FAST: S$0.50 per transaction GIRO: S$0.20 per transaction⁴
UOB	Usually S$0.20 per transaction Free until Dec 31, 2025 (Fee waived)	FAST: S$0.50 per transaction GIRO: S$0.40 per transaction⁵
Maybank	Free until Dec 31, 2025 (Fee waived)	FAST: S$0.50 per transaction GIRO: S$0.20 per transaction⁶
CIMB Bank	Free until Dec 31, 2025 (Fee waived)	Free until Dec 31, 2025 (Fee waived)⁷
Citibank	Information not available	Information not available
Standard Chartered	Currently free (Fee waived)⁸	Information not available
HSBC	Information not available	Information not available
Bank of China	No fee currently	No fee currently⁹

➡️ Check out our review of the best corporate bank accounts in Singapore ⬅️

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Conclusion

PayNow Corporate is a fast, convenient, and secure way for SMEs, startups, and enterprises in Singapore to send and receive SGD payments.

Since the majority of Singapore's population uses PayNow—many on a daily basis—it's important for businesses to have this payment method available. Consumers expect it, and it provides an accessible fallback, especially when credit cards or cash aren’t an option.

💡 While you're setting up PayNow Corporate for quick, low-cost local SGD transfers, why not sign up for Wise Business as well? That way, you can cover all your financial bases by making sure your international transactions are fast and cost-effective too. It only takes a few minutes to get started.

With Wise Business, you can:

• Hold and manage 40+ currencies for all your international transactions
• Pay suppliers and receive payments internationally without the hefty foreign transaction fees
• Always get the mid-market rate with zero markup
• Seamless integrations with popular accounting software
• Say goodbye to monthly fees

Get Started with Wise Business

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Sources:

1. Xero Digital Payment Trends in Singapore
2. PayNow Singapore
3. DBS Pricing Guide
4. OCBC Business Pricing Guide – Transaction Charges
5. UOB PayNow Corporate
6. Maybank Revisions to PayNow Corporate Fees
7. CIMB PayNow Corporate
8. Standard Chartered SGQR
9. Bank of China PayNow

Sources checked on 28th February 2025