Visi Money
In recent years, businesses in Singapore have seen a greater adoption of various digital payment methods, as the country moves towards becoming a cashless society. The adoption of digital payments not only aligns with the government’s Smart Nation vision but also helps businesses save on costs associated with cash and cheque processing. There are several methods available for businesses to collect digital payments from customers:
- PayNow: PayNow is a peer-to-peer fund transfer service that allows customers to send and receive Singapore Dollar funds instantly using their mobile number, NRIC/FIN, Virtual Payment Address (VPA), or Unique Entity Number (UEN). Businesses can save on cash and cheque handling fees by accepting payments through PayNow, and OCBC Corporate customers can enjoy a fee waiver on PayNow payments until 2025.
- Singapore Quick Response Code (SGQR) standard: SGQR is the world’s first unified payment QR code, launched in 2018. It simplifies the payment process for both businesses and customers by eliminating the need for multiple QR labels from different payment providers. Customers can easily make payments by scanning the SGQR code and keying in the payment amount.
- Cards Collection: Credit and debit cards are widely adopted as convenient cashless payment methods. Businesses should recognize the importance of offering card payment options to their customers. Credit cards accounted for 36% of all POS transactions in 2022, while debit cards accounted for 21%.
- NETS Business Payment Solutions: NETS is one of Singapore’s most well-known electronic payment service providers. It offers various contactless payment options, including Unified POS and NETS Integrated POS. Businesses can also accept online payments using NETS Click, eNETS Gateway, and NETS QR Online.
- OCBC OneCollect: OCBC OneCollect is a mobile application that integrates PayNow QR and SGQR for real-time payment collections, notification, and transaction management. Businesses can collect payments using their existing smartphones without the need for a POS terminal. There is no setup fee, and the transaction fee is just 0.25% for PayNow transactions.
When choosing a digital payment method, businesses should consider factors such as cost, convenience for customers, and integration with their existing systems. The adoption of digital payment solutions can improve business efficiency, reduce transaction costs, and provide real-time notifications. By offering convenient digital payment options, businesses can stay in tune with Singapore’s transformation into a cashless society and retain more of their profits.
