Generating PayNow QR Codes for Businesses

PayNow has quickly become a staple in Singapore’s payment landscape. Walk into any café, boutique, or hawker stall, and you’ll see a PayNow QR code displayed prominently. For Singaporeans, the convenience of cashless payments through PayNow has become second nature.

How COVID-19 and TraceTogether Boosted PayNow’s Popularity

To understand why PayNow has gained so much traction, look back at the pandemic. During the height of COVID-19, Singaporeans had to adapt to new habits, and one of them was using the TraceTogether SafeEntry system. Everyone became familiar with scanning QR codes daily. This frequent exposure helped QR code scanning become second nature to people.

Simultaneously, businesses had to rethink their payment systems. Health protocols pushed the demand for contactless payments, and PayNow offered a perfect solution. Customers could scan a code, pay instantly, and move on—all without handling cash or cards. This minimized physical interaction, making it an appealing option during a time when social distancing was crucial.

This combination of convenience and necessity helped PayNow become more than just a tool for peer-to-peer payments—it became a key solution for businesses of all sizes.

Generating PayNow QR Codes for Your Business

Generating PayNow QR codes is a simple affair. Here’s how it works:

1. Register for PayNow with Your Bank First, ensure your business registers for PayNow. Major banks like DBS, UOB, and OCBC offer PayNow services for businesses. Simply link your business’s UEN (Unique Entity Number) or a registered mobile number to a PayNow account. (Note: Clicking on the links to the mentioned banks will bring you to their respective PayNow generation steps. You’re welcome.)
2. Generate Your QR Code Once registered, you can easily create a PayNow QR code through your bank’s online portal. You’ll have the option to either:
   • Create a general QR code where the customer inputs the payment amount, or
   • Generate a fixed-amount QR code for specific products or services.
3. Display the QR Code After generating the QR code, download it, print it, and display it prominently in your store, on your website, or even on your receipts.

Key Considerations for Generating PayNow QR Codes for Your Business

When creating PayNow QR codes for your business, you should keep these additional factors in mind:

• Generating PayNow QR Codes for Multiple Bank Accounts
  If your business operates with multiple bank accounts, you can create distinct PayNow QR codes for each one. Simply add a 3-digit alphanumeric suffix to your company’s UEN to generate different PayNow proxies. For instance, if your UEN is “123456789X” and you add the suffix “a01,” your PayNow proxy will be “123456789Xa01.” However, you cannot reuse the same PayNow proxy for multiple accounts, and you cannot link a business PayNow account to a personal account.
• Identifying Payer and Payment Details Like Invoice Numbers
  For every incoming PayNow transaction, your bank account statement will show the payer’s account name (as per their bank record). Additionally, for successful transactions, the reference number—either entered by the payer or embedded in the PayNow QR—will also appear in your statement, making reconciliation easier for your business.
• Single or Bulk PayNow Payments
  You can make bulk PayNow payments, at least through DBS, which explicitly supports this feature on their website. While I cannot confirm for UOB and OCBC, it’s highly likely that they offer the same capability.

These features offer flexibility and scalability as your business grows, making PayNow a powerful tool not just for receiving payments, but for handling multiple accounts and bulk transactions efficiently.

The Drawbacks of Standard PayNow QR Code Generation

While generating a PayNow QR code is convenient, it does have its drawbacks:

• Manual Amount Entry: Customers must manually enter the payment amount, which can lead to mistakes. If a customer enters the wrong amount, the business has to spend time and effort verifying and correcting the transaction.
• Lack of Proof of Payment: PayNow doesn’t automatically provide proof of payment. Businesses have to rely on screenshots or bank statements to confirm that payments have gone through. This manual verification process takes time and increases the risk of errors.
• Manual Payment Tracking: Without a built-in system to link payments to invoices or orders, businesses have to track payments manually. This process can slow down operations and lead to mistakes.

How Aria Data Labs Can Help

At Aria Data Labs, we understand that businesses need efficient, streamlined systems to thrive. That’s why we’ve developed solutions to help businesses integrate PayNow more effectively.

• Auto-Filled Payment Amounts: We can help you set up a system where the payment amount auto-populates when customers scan the QR code. This eliminates the chance of errors and speeds up the payment process.
• Real-Time Payment Confirmation: Our integration offers instant confirmation of payments, so you don’t have to rely on manual screenshots or bank statements. You’ll know right away when a payment goes through.
• Automated Payment Reconciliation: Our solutions link payments directly to invoices or transactions, automating the reconciliation process. This reduces human error and saves you time and effort.

Moving Your Business Forward

PayNow has transformed the way businesses handle payments in Singapore, and while the basic system works, there’s always room for improvement. With the right tools and integrations, businesses can maximize PayNow’s potential and offer customers a seamless experience.

At Aria Data Labs, we focus on helping you unlock the full potential of your business through smart, innovative solutions. PayNow is just one piece of the puzzle, but with our expertise, we can help you turn it into a key driver of efficiency and growth.

If you’re ready to take the next step, reach out to us. We’ll work with you to develop a tailored solution that fits your business needs.