This is the dawn of a new era for Singapore’s payments system. As part of its Smart Nation vision to become “a leading economy powered by digital innovation”, the government has been working on a range of initiatives to digitise payments.
PayNow for example, which was launched in 2017, has made it possible for consumers to use the new electronic funds transfer service FAST (Fast And Secure Transfers) to pay anyone almost instantly using only a mobile phone or national identification number.
Singapore is also transitioning to open banking, as envisioned in the Payment Services Bill (PSB) 2019, and is leading the region for its advanced open banking readiness.
Open banking is the practice of sharing a consumer’s financial information electronically and securely and opens the value chain for more collaboration between financial and non-financial institutions. Application programming interfaces (APIs) give third-parties access to financial information efficiently, which promotes the development of new apps and services, and a better experience for consumers.
The result of this could be broader use of digital wallets – online services that are used for digitally facilitating and storing payment transactions and instruments – and a growing competitive challenge to the use of credit and debit cards.
NPN is here to support even smaller businesses with the impending increase use of digital wallets for digital payments in Singapore. We have partnered with various e-wallet providers such as WeChat pay, Alipay, Grabpay, Nets QR and more. This means small businesses can now easily accept payments from different e-wallets all in one when they’ve signed up to be a NPN merchant. No need to negotiate or set up individually. Interested? Reach out to NPN now to find out more!
NPN is built on a vision to redefine retail by enabling seamless engagement between retailers, supplies and end users since 2009. NPN has built a retail ecosystem that blends digital products and services in a unified way that features the retailers, suppliers and end users at the center.
By harnessing the latest advancement of internet and technology, we have been benefiting our stakeholders and building up trust with our partners through our work and commitments over the years. Our consistency in our development and work ethics have resulted in the generous support by more than a thousand of retail outlets and reputable companies in Singapore.
source: Business Times