Once called “ugly, overused and doomed” in 2012, quick response (QR) codes are now ubiquitous thanks to their ability to access seamless payment options worldwide and in Singapore.
Your customers want quick and convenient payment methods in Singapore. PayNow QR code payments, whether through your mobile banking app, SGQR, or all-in-one payment solutions like HitPay, help meet these expectations.
Let’s dive into PayNow QR, how to create a PayNow QR code for your customers in Singapore using HitPay and why you might need more than your mobile banking app as you run your small business.
What is PayNow QR and why is it essential for businesses in Singapore?
Among Southeast Asia countries, Singapore has the highest cashless payment adoption (97%), according to a global survey by Statista in 2022.
Singapore's real-time payment system, PayNow QR, has been a big part of this rapid adoption, making it a must-have payment method if you do business in Singapore.
With PayNow and PayNow Corporate, Singapore users and Singapore-registered businesses can send and receive money instantly with a mobile number or their NRIC/FIN.
Read more: 7 reasons why your online store needs PayNow
How to use PayNow QR codes to speed up your payment process
- In-person payments: Display your PayNow QR code or SGQR code at your storefront or on your mobile device with HitPay’s Scan to Pay, OCBC’s Show my PayNow QR, DBS’s Scan & Pay or UOB’s Scan to Pay
- In customer communications: Create and send your QR code to your customer’s email or share your PayNow QR code via messaging apps like Telegram, WhatsApp and Instagram direct message
- Online payment method: PayNow QR payments have lower transaction fees and faster payout than credit card payments - meaning you’ll earn more from your sales and get paid faster
Before, you had to share your bank account number with customers and wait for them to transfer money.
With PayNow QR, you remove all that friction. Your customer gets to keep their bank account data private and minimise errors while enjoying faster transfers at no additional cost.
How to generate a PayNow QR code with HitPay – a step-by-step guide
Generating a PayNow QR code with HitPay is a straightforward process. Here's a step-by-step guide to help you get started.
- Create a HitPay account.
Start by signing up for a HitPay account.
- Enable PayNow as a payment method.
Go to your HitPay dashboard (Settings > Payment Methods) and enable PayNow as a payment method. This ensures that your customers can use PayNow QR codes to complete transactions.
- Generate a PayNow QR code from HitPay’s mobile app
Use HitPay’s Scan to Pay to display your PayNow QR code on your mobile device or share your QR code with your customer. Your customers will then scan this QR code to start payment through their mobile banking app.
- Display and share your PayNow QR code for customers to scan.
Place your PayNow QR code or SGQR code in a visible place for customers to scan to accept payments from PayNow.
- Receive a payment confirmation:
Once the customer has scanned the PayNow QR code and made payment, you will receive a payment confirmation in your HitPay dashboard. You can fulfil the order for the customer.
How does HitPay compare to other PayNow QR code generators in Singapore?
Here, we’ll compare HitPay to other popular PayNow QR code generators in Singapore, including,
- Payment gateways: Stripe Payments
- Mobile banking apps: OCBC PayNow (Scan to Pay), UOB Scan to Pay and DBS PayNow QR
- E-wallet: DBS PayLah!
Perfect for online payments, Stripe Payments in Singapore is known for its user-friendly interface, support for over 135 currencies and brand recognition.
OCBC PayNow (Scan to Pay), UOB Scan to Pay and DBS PayNow QR
These leading banks in Singapore, UOB, OCBC and DBS, have their own PayNow QR code solution. Individuals and businesses can generate a simple QR code to accept or make payments through their mobile banking app.
A lifestyle e-wallet offered by DBS Bank, DBS PayLah! users can send funds to anyone (including non-DBS/POSB customers) through their mobile numbers.
DBS PayLah! supports overseas payment methods like UnionPay, Thailand’s PromptPay, Malaysia’s DuitNow and other reward schemes, making it an attractive payment option for customers with DBS and POSB Bank accounts.
DBS PayLah! vs DBS PayNow QR: what's the difference?
While DBS Bank offers both apps, DBS PayNow and DBS PayLah! are separate services.
DBS PayNow is DBS’s PayNow QR code generator within the DBS digibank app. You’ll enjoy all the benefits of PayNow in Singapore, including 24/7 access, and instant sending and receiving money from 21+ participating banks.
DBS PayLah!, on the other hand, is a lifestyle mobile wallet allowing customers to collect rewards, earn discounts, store money, order food and so on within the app. Think of DBS PayLah as an e-wallet similar to GrabPay, FavePay and Singtel Dash.
Benefits of HitPay over other PayNow QR code generators
Sticking to mobile banking apps and PayNow QR code generators is excellent if you want simple payment acceptance.
But if you need more options to get paid besides QR codes and help run your small business, HitPay’s payment gateway and all-in-one payment solution for SMEs will support you as you grow your business.
Here’s a glimpse of what you’ll get with HitPay over mobile banking apps
Support more payment methods besides PayNow QR:
HitPay supports in-person point of sale (POS) payments, payment links, and integrations with popular e-commerce platform integrations like Shopify, WooCommerce, and more. You save time on payment processing while giving customers a more streamlined checkout experience.
Includes free business tools to help you streamline operations while saving costs:
HitPay’s more than a payment gateway or a PayNow QR code generator. HitPay also includes features to help you save time with no additional charge on administrative tasks like accounting, invoicing, and inventory management.
Cashflow management is essential for any business, and HitPay pays your cash balances within the next working day.
No monthly fees or annual fees:
Try your free PayNow QR Code Generator with HitPay
PayNow QR payments is one of the most popular payment methods in Singapore and it’s essential to offer this payment method to your customers.
But small business owners often have a never-ending to-do list and too little time to finish everything. That’s why HitPay makes it easy for small business owners like yourself to save time on mundane tasks so you can focus on growing your business.
Try HitPay now for free or contact the team for a free demo.
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HitPay is a one-stop commerce platform that aims to empower SMEs with no code, full-stack payment gateway solutions. Thousands of merchants have grown with HitPay's products, helping them receive in-person and online contactless payments with ease. Join our growing merchant community today!