The Simpler It is, the More People Are Using PayNow for Their Online Transactions and Fund Transfers
Consumers and customers of today are accustomed to online banking, transactions and fund transfer. Hence, when the national fund transfer PayNow was launched in July 2017 in Singapore, it was a godsend. Ever since then, more PayNow users have signed up and started using the service.
The government of Singapore is always keeping tab with industry-wide changes that could or would affect its overall economy. Thus, when digitalisation dawns upon the people of Singapore, what better way than to instil the usage of digital payment methods between individuals and businesses. Just like how online shopping and digital media takes over our lives, people today are most likely to whip up their phones to make payments.
Why More Users Are Signing Up With PayNow?
Digitalisation is genuinely convenient for many people. It makes life easier in so many ways. As we are living in a fast-paced life now, getting things done at your fingertips leaves us with more time. At the very least, we have time to enjoy what we love instead of spending it on menial tasks like paying the bills or shopping for regular groceries. Hence, this is one of the reason more, and more users are signing up with PayNow. It is an instant fund transfer method that conveniently uses your NRIC or mobile number. As you can see, people do not even need to memorise account numbers as they can transfer funds using contacts that are in their phones. It is no wonder the take-up rate of PayNow users has increased to more than half of all Singaporeans.
Even businesses have also joined the bandwagon of digital fund transfer. For every registered and active company in Singapore, they are given Unique Entity Numbers (UEN). These UEN act like NRIC for businesses. Hence, companies subscribe to PayNow Corporate that enables businesses to transfer funds using their UENs. This creates further convenience for consumers or other companies that uses the services or products from companies in Singapore. Payment is possible anytime and every time, without worries and hassle of different bank account numbers or disrupted working days. As long as registered UENs are valid and the PayNow Corporate servers are working fine, it is all good news.
Singapore is moving towards digital payments and cashless society for the convenience of everyone. Cash payments are still popular at hawker stalls. Most of these hawker stalls are also realising the convenience of not having to return small change when paying via cash. Consumers of today would prefer being cashless as it saves them the hassle of going to the ATM and taking out cash. If everything and anything can be done via their phones, it is worthwhile for them to even travel to another end of the island to get their favourite food.