Summary
PayNow offers merchant acceptance costs of approximately 25-80 basis points compared with 250-300 basis points for international cards, representing a potential 70-90% cost reduction. Among 37 organisations consulted by MAS and ABS, 65% saw PayNow as having a clear cost advantage over card-based schemes, and 90% expected it to be critical to their future payment acceptance strategy. The PayNow-NETS QR interoperability pilot is targeted for end of 2026. Currently, not all banking apps can scan NETS QR codes, and the NETS app cannot scan PayNow QR codes. The interoperability layer would add scheme-level connectivity and routing, enabling all PayNow-enabled apps to pay on NETS QR. Deep-linked online checkout is targeted within a year.
Key Points
- PayNow merchant cost: 25-80 bps vs cards 250-300 bps (70-90% savings)
- 65% of 37 organisations see PayNow cost advantage over cards
- 90% expect PayNow critical to future payment acceptance
- QR interoperability pilot: end of 2026
- Deep-linked checkout: within a year
- Current gap: not all banking apps support NETS QR; NETS app can't scan PayNow QR
- Interoperability: scheme-level connectivity and routing, not just display standard
- PayNow scale: 11M proxy registrations, 350K business entities
- 2025 value: S$154B consumer, S$147B business payments
- Feedback on Phase 1: due August 15, 2026; Phase 2 roadmap by end of 2026