As such, Maybank Singapore is pleased to partner with Liquid Group to launch an all-in-one QR Payment Terminal solution that supports the adoption of QR payment via PayNow. This is a new way for merchants to receive contactless payments securely and efficiently. They are able to use the QR Payment Terminal to generate a dynamic PayNow QR code where each customer can transact via PayNow without keying in bill amount.

The all-in-one Terminal supports the mobile banking apps of all 9 PayNow participating banks in Singapore. Moreover, the Terminal is able to accept non-bank mobile payment apps, such as UnionPay QR, WeChat and GrabPay, among others.

For merchants who sign up for a Maybank Current Account linked to PayNow, the payments would be instantly credited into their bank account. Merchants with other bank accounts will receive their funds the next transaction day. Each merchant has access to an online portal where they can view transaction details in real time and perform reconciliation of payments across different retail outlets with ease.

Cynthia Liaw, Head of Virtual Banking and Payments at Maybank Singapore, said, “Maybank is the only bank offering dynamic PayNow QR payment solution on a point-of-sale terminal. All PayNow sales proceeds can be instantly credited into a merchant’s Maybank account. This is especially crucial during the current COVID-19 period to minimise the need to go to a banking branch to deposit large amounts of cash. Merchants can also sign up to accept QR payments from other local and overseas mobile payment apps. In addition, to encourage our customers to adopt online payments, the fees for all outgoing FAST and PayNow transfers will continue to be waived until 31 July and 31 December respectively.”

Jeremy Tan, Founder and Chief Executive Officer of Liquid Group, said, “We are very pleased to partner Maybank to expedite the acceptance of QR payments in general and of PayNow specifically. In this current environment, we need to go not only cashless, but contactless as well. In addition to providing online and in-app payments, we are also doing all we can to minimise the exchange of coins, cash and cards at retail points and aggressively enable the use of contactless payment to protect the frontline workers.”

The application process takes 3 to 5 working days. Interested merchants may call 1800-MAYBANK (1800-629 2265) to find out more. Please refer to ANNEX on the operational details of the Terminal.

In addition, the Association of Banks in Singapore (ABS) will hold a promotion for small businesses - the first 20,000 new PayNow sign-ups from 9 April to 31 July 2020 will receive a cash incentive of S$25.