A Step-by-Step Guide on How to Use PayNow with QR Codes

Table of Contents

Introduction

With the rise of digital payments, PayNow has become a popular method of transferring funds in Singapore. PayNow QR codes offer a convenient and secure way to make payments. In this article, we will guide you through the process of using PayNow with QR codes, ensuring a seamless transaction experience.

Understanding PayNow and QR Codes

PayNow is a peer-to-peer funds transfer service that enables instant payments using mobile phone numbers or National Registration Identity Card (NRIC) numbers. QR codes, short for Quick Response codes, are two-dimensional barcodes that can be scanned by a smartphone camera. PayNow QR codes combine the functionality of both, allowing users to initiate transactions simply by scanning a unique QR code associated with a recipient’s PayNow account.

Setting Up PayNow

To use PayNow with QR codes, you must first ensure that you have a PayNow account. Most major banks in Singapore offer PayNow services, allowing customers to link their bank accounts to their mobile numbers or NRIC. Contact your bank to register for PayNow and link your preferred mobile number to your bank account.

Initiating a Payment

Once you have a PayNow account, follow these steps to initiate a payment using a QR code

Open your banking app or mobile wallet that supports PayNow.
Select the option to make a payment via QR code.
Scan the recipient’s PayNow QR code using your smartphone’s camera.
Verify the recipient’s details displayed on the screen.
Enter the amount you wish to transfer.
Confirm the payment and authorize the transaction using your preferred authentication method (e.g., fingerprint or PIN).

Receiving a Payment

If you want to receive a payment via PayNow QR code, follow these steps

Generate your unique PayNow QR code within your banking app or mobile wallet.
Display the QR code on your smartphone or print it out.
Provide the QR code to the payer, who will scan it using their banking app or mobile wallet.
Confirm the payment details displayed on their screen.
Wait for the payer to enter the desired amount and authorize the transaction.
Verify that the payment has been received in your linked bank account.

Benefits of PayNow with QR Codes

Using PayNow with QR codes offers several advantages

Convenience QR codes eliminate the need to manually enter recipient details, making transactions faster and more convenient.
Security PayNow QR codes are unique to each recipient, reducing the risk of errors or misdirected payments.
Versatility PayNow QR codes can be used for various purposes, such as splitting bills, making donations, or paying merchants at participating establishments.
Real-time transactions Payments made using PayNow QR codes are processed instantly, ensuring timely fund transfers between parties.

FREQUENTLY ASKED QUESTIONS

How do I use QR code on PayNow?

With PayNow QR, you only need to scan the QR code generated in myTax portal. The QR code embeds all the required payment details such as the payment amount and payment reference number which saves you the time to manually enter the payment details and reduces error in data entry.

What is one disadvantage of using PayNow?

The availability of an active internet connection and the use of appropriate devices are required for users to enjoy the benefits of PayNow Corporate.
The app could appear too complex and confusing for tech-challenged people.

Conclusion

PayNow with QR codes has revolutionized digital payments in Singapore, providing a hassle-free and secure method for transferring funds. By following the simple steps outlined in this guide, you can confidently initiate and receive payments using PayNow QR codes, bringing convenience and efficiency to your financial transactions.

Editor