PayNow Corporate lets Singapore entities receive and make Singapore Dollar payments through a registered Unique Entity Number, often shortened to UEN. For a business, the practical setup is not a consumer PayNow registration: the UEN must be linked to a corporate SGD account or eligible account through a participating bank or major payment institution, then used on invoices, SGQR labels, checkout pages or business payment screens. Terms, limits, cut-off treatment and approval steps can differ by bank, so operational teams should verify the bank portal and account type before publishing a PayNow QR code.
UEN Setup
SGD Domestic Transfers
SGQR Collections
PayNow for Business Main Details
PayNow Corporate
UEN or bank-supported UEN suffix
Singapore Dollar transfers
Register through the bank or MPI platform
FAST or GIRO, depending on bank workflow
PayNow QR and SGQR labels where supported
ABS states that entities must not impose PayNow surcharges on consumers
Confirm on the bank’s PayNow Corporate page before launch
For personal proxy setup, the separate PayNow setup in Singapore page explains NRIC, mobile and UEN use from the payer side. Business registration is handled inside the entity’s corporate banking access, not inside a personal banking profile.
How a Business Sets Up PayNow Corporate
Use the registered business name and UEN shown in ACRA or the relevant government registry. A mismatch between the business name, UEN and bank records can delay setup.
Most bank pages describe PayNow Corporate registration against a Singapore Dollar business account. Fixed deposits and some restricted accounts may not be eligible.
Use the bank’s corporate platform such as DBS IDEAL, OCBC Velocity, UOB business banking, HSBCnet, Straight2Bank or the relevant business portal. Some banks also support form-based requests.
A three-character alphanumeric suffix may be supported by banks to create more than one PayNow alias from the same UEN. This can help separate retail outlet collections, invoice streams or department accounts.
For storefront use, register the PayNow alias on SGQR where the bank supports it. For invoices or online payment pages, check whether the bank provides static QR, dynamic QR or API-based collection options.
Send a low-value test payment, confirm the displayed company name, verify the settlement account and check how references appear in statements or transaction reports.
If the company is still choosing a corporate account, the online account opening page can help compare digital onboarding with branch-assisted account setup.
UEN, Suffixes and Account Routing
| Item | Business Use | Operational Check |
|---|---|---|
| Registered UEN | Main PayNow Corporate alias used for payments to the entity. | Confirm the active entity record through ACRA Bizfile or the relevant registry. |
| UEN plus suffix | Bank-supported extension used to route collections to different accounts or business lines. | Use only alphanumeric suffix formats accepted by the bank. |
| Displayed payee name | Payers should see the registered company account name before confirming payment. | Test the first payment and ensure the name matches the intended receiving entity. |
| Payment reference | Helps match invoices, order numbers, customer IDs or outlet names. | Confirm the field length and statement display in the bank portal. |
For companies that also use bank numbers for local transfers, the Singapore bank code list is a different lookup. PayNow uses a proxy such as UEN, while traditional transfers may still require bank code, branch code and account number.
Bank Setup Reference Table
Official bank pages use different names for the same broad activity: linking a business UEN to an eligible SGD account, then using that alias for collections and payments. The table below is a working reference, not a substitute for the bank’s live product terms.
| Bank | Corporate Platform | Receive Setup | QR / SGQR Note | Processing Note | Official Verification |
|---|---|---|---|---|---|
| DBS | DBS IDEAL | Register the UEN through Administration and Manage PayNow; DBS notes that a three-character alphanumeric suffix can create multiple proxies. | DBS describes PayNow QR and SGQR collection options for merchants. | DBS states PayNow Corporate is available for FAST and GIRO transactions; bank limits and charges should be checked inside DBS terms. | DBS PayNow Corporate |
| OCBC | OCBC Velocity or OCBC Business app | Link the UEN to an OCBC Business Account through Manage PayNow and SGQR; form-based registration is also stated for some users. | OCBC supports Manage PayNow and SGQR for creating or updating labels. | OCBC states online registration can be immediate, while form processing may take up to five business days after receipt. | OCBC PayNow Corporate |
| UOB | UOB business banking platform | UOB states that corporates must register their UEN and SGD Current Account before receiving payments. | QR availability depends on the chosen UOB business payment setup. | UOB states PayNow via FAST is 24×7, with GIRO following existing GIRO cut-off treatment. | UOB PayNow Corporate |
| Maybank | Business Internet Banking | Maybank describes retrieving PayNow IDs in Business Internet Banking to generate a PayNow QR code. | Maybank states that businesses can register PayNow on SGQR and receive a printed SGQR code after processing. | Maybank notes that a printed SGQR code may be sent within ten business days after the SGQR form process. | Maybank PayNow Corporate |
| Standard Chartered | Straight2Bank | Complete the PayNow Corporate registration documents to link the UEN to a Singapore dollar account. | Standard Chartered states that PayNow can be used through SGQR where registered. | The bank states that processing may take up to five working days after a valid application. | Standard Chartered PayNow Corporate |
| HSBC | HSBCnet | Register the UEN as an alias and link it to an HSBC account; HSBC states that a three-character alphanumeric suffix can create multiple aliases. | HSBC has a separate PayNow on SGQR page for corporate aliases on SGQR. | Incoming funds are credited to the designated account and shown on HSBCnet and bank statements. | HSBC PayNow Corporate |
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Where PayNow Corporate Fits Business Payments
Display an SGQR label with PayNow accepted. Customers scan through a compatible banking app or wallet, then approve the payment in SGD.
Add the UEN, payment reference and PayNow QR where supported. A reference field helps the finance team match receipts to open invoices.
Suppliers and partners can pay the business UEN instead of entering bank and account numbers, subject to their own bank limits and approval flow.
Some businesses use PayNow for local payouts, claims or ad hoc payments where the payee has a registered mobile number, NRIC, UEN or VPA.
For larger-value domestic transfers that do not fit a PayNow workflow, compare PayNow with MEPS high-value transfers and ordinary account-number transfers before setting internal payment rules.
Fees, Limits and Surcharge Notes
Published bank fees, transfer limits and corporate package terms can change. Treat bank product pages and account terms as the source for current pricing, daily limits, authorisation rules and cut-off handling.
| Area | What Businesses Should Check | Why It Matters |
|---|---|---|
| Receiving payments | Bank account package, inward PayNow charges, statement reporting and transaction notification options. | The same UEN setup can create different reconciliation results across banks and account packages. |
| Making payments | Daily limits, maker-checker approval, FAST or GIRO routing and beneficiary verification steps. | A payment may be rejected if the recipient proxy is not registered or the bank limit is exceeded. |
| Consumer surcharge | ABS PayNow merchant charging prohibition and bank merchant instructions. | ABS states that entities are prohibited from imposing surcharges on consumers for PayNow transactions. |
| Cross-border needs | FX spread, wire fee, beneficiary country and settlement method. | PayNow Corporate is mainly a Singapore Dollar domestic payment method; compare overseas flows with international transfer fees. |
Reconciliation and Payment Controls
- Confirm the registered company name displayed to payers.
- Use a bank-supported UEN suffix only where the bank confirms it.
- Set a clear invoice reference format for customers.
- Decide who can create, amend or deregister PayNow proxies.
- Match incoming references against invoice or order records.
- Monitor failed transfers and rejected proxy attempts.
- Review account statements and bank portal notifications daily.
- Update SGQR labels if the receiving account or alias changes.
For recurring debit arrangements, PayNow is not the same as GIRO. Businesses collecting regular bills should review GIRO setup and errors alongside PayNow QR and invoice payment options.
PayNow 2026 Updates Relevant to Businesses
ABS announced the cessation of the retail PayNow nickname feature. For business payees using UEN, ABS states that businesses do not have access to the nickname feature and cannot modify registered account names.
MAS and ABS announced a PayNow Generation 2 study covering QR interoperability with NETS QR, online checkout deep-linking, larger-value public-sector PayNow pilots and longer-term capabilities such as request-to-pay and structured data fields.
MAS and ABS said they aim to pilot QR interoperability between PayNow and NETS QR by end-2026. Businesses should treat this as a planned industry workstream until banks and scheme operators publish implementation instructions.
What to Check Before Going Live
- Active UEN and registered business name
- Eligible SGD corporate account
- Authorised user access in business banking
- UEN visible on invoices if needed
- QR code tested from major bank apps
- Payment reference instructions shown clearly
- Daily reconciliation owner assigned
- Refund route documented
- Bank fee and limit records reviewed
Businesses that rely on supplier transfers should also understand FAST transfers in Singapore, because many PayNow payments are routed through FAST when the bank and transaction type support it.
Verification Notes
Core PayNow definitions, UEN registration language, participating institution references, QR use and the consumer surcharge rule should be checked against the Association of Banks in Singapore PayNow page. SGQR background should be verified with the Monetary Authority of Singapore SGQR page. UEN records should be checked through ACRA Bizfile entity search. Bank-specific steps, limits, fees, eligible accounts and form requirements should be confirmed on the relevant bank page before the business publishes a PayNow alias, QR label or payment instruction.
Current 2026 industry updates referenced here include the ABS PayNow nickname announcement and the MAS-ABS PayNow Generation 2 study. Planned features should not be treated as live bank functionality until the relevant bank or scheme operator publishes operating instructions.
FAQ
Can a Singapore business receive PayNow payments with only its UEN?
The business must first link its UEN to an eligible bank or MPI account through the participating institution. After registration, customers and other businesses can pay the registered UEN or scan a supported PayNow QR or SGQR code.
Can one UEN be linked to more than one bank account?
Banks may support UEN suffixes, such as a three-character alphanumeric suffix, to create multiple PayNow aliases for different accounts. The exact format and approval process must be checked with the bank.
Is PayNow Corporate only for Singapore Dollar payments?
Bank and ABS descriptions treat PayNow Corporate as a Singapore Dollar payment method. Businesses with foreign currency or overseas supplier flows should review bank remittance products, FX fees and settlement times separately.
Can a merchant add a PayNow surcharge for consumers?
ABS states that entities are prohibited from imposing surcharges on consumers for PayNow transactions. Businesses should treat any bank service cost as part of their own operating cost unless their bank or regulator publishes a different rule for a specific business arrangement.
Is SGQR the same as PayNow?
No. PayNow is the payment service that can use a UEN or QR for SGD transfers. SGQR is Singapore’s unified QR label that can display PayNow and other accepted QR payment schemes on one label.
