Understanding OCBC PayNow: A Payment Method in Singapore

What Is OCBC PayNow

OCBC PayNow is a widely-used payment method in Singapore that facilitates quick and seamless bank transfers using a mobile number or NRIC/FIN. Supported by major banks in Singapore, including OCBC, DBS and UOB, PayNow allows users to make peer-to-peer transfers and business payments without the need for account numbers. It supports Singapore’s journey towards a cashless society, providing a highly efficient digital payment solution.

How OCBC PayNow Works

OCBC PayNow enables users to link their bank account to their mobile number or national ID. When making a payment, users simply enter the recipient’s linked mobile number or ID and confirm the transaction through their bank’s app. For businesses, OCBC PayNow offers a convenient option to receive payments instantly, either via the mobile app or using a unique QR code that customers can scan to complete the transaction. This digital platform is ideal for both personal and business transactions, especially for small to medium enterprises and digital marketplaces.

Features

• Instant Transfers: Allows real-time fund transfers between bank accounts in seconds.
• Ease of Use: No need to remember bank account numbers. Transactions can be completed using mobile numbers or QR codes.
• Wide Adoption: Supported by numerous banks in Singapore, making it highly accessible.
• Secure Transactions: Utilises banking security protocols, ensuring reliable and secure financial transactions.

Benefits

• Efficiency: Transactions are completed in real-time, improving cash flow for businesses.
• Reduced Errors: Eliminates the need for complex bank details, reducing payment errors.
• Convenience: Users can make and receive payments from their mobile devices without hassle.
• Cost-Effective: Typically incurs lower transaction fees compared to traditional payment methods.

Why Accept OCBC PayNow?

Accepting OCBC PayNow can enhance the checkout experience for customers, simplifying the payment process by providing an immediate, secure and cashless option. By offering OCBC PayNow, businesses can cater to the convenience of consumers who prefer digital payments, increase customer satisfaction and potentially drive up sales. In Singapore, where digital payments are becoming the norm, implementing OCBC PayNow is a strategic move to stay competitive and meet customer expectations.

Here’s How to Get Started:

Contact Rapyd to start accepting OCBC PayNow payments and increase your cart conversions and sales with 900+ local and alternative payment methods worldwide.

Key Details for Accepting OCBC PayNow with Rapyd:

• Countries: Singapore
• Payment Type: Bank Redirect
• Currencies: SGD

This Payment Method Is:

• Refundable: Yes
• Cancelable: No
• Supports Subscriptions: No
• Disputable: Yes

Start Accepting OCBC PayNow Payments With Rapyd

Rapyd supports Visa, Mastercard and hundreds of local and alternative payment methods, including OCBC PayNow. With Rapyd, your business can accept credit card payments worldwide and offer alternative payment options tailored to local markets.

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