Blockchain-based payments firm Omise on Monday announced its plan to offer PayNow a new payment option to its customers in Singapore.
Scheduled for launch next month, the new service will be targeted to e-commerce businesses, both small and medium-size, in the South Asian financial hub.
Launched in 2018 as part of Singapore’s Smart Nation initiative, PayNow offers e-payment service in the city-state to facilitate instant, seamless, and secure digital transactions.
The company will provide a checkout option on its platform using the services of nine local banks. Notably, the limited banking ties in Singapore with crypto companies put multiple companies out of business in the region. Meanwhile, Luno, one of the exiled Singaporean crypto exchanges, is set to reopen its services in the country after tying with two local banks for fiat-based services.
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A secure payment service
Detailing the payment system, the company stated that to secure the process, the transactions will be made from the registered mobile numbers, National Registration Identity Card (NRIC), or Unique Entity Number (UEN), and will be based on standards used by the banks.
The payment acceptance process will also be simple as the users only need to scan a QR code provided by the merchant to initiate the transaction.
“Omise is proud to launch PayNow Corporate as part of Singapore’s cashless drive towards a Smart Nation. Consumers are becoming more digitally savvy and demand fast and seamless payments. As a result, more and more companies are adapting to this shift and recognizing the speed and convenience of PayNow over cash and cheque collections,” Nick Gan, Omise’s Country Manager in Singapore, said.
“With PayNow, businesses are simply able to get paid faster and become more efficient. Omise is excited to be able to offer businesses multiple online payment methods across cards, PayNow, and e-wallets on one payment platform.”