Standard Chartered Bank and Allinpay Merchants Services (Singapore) Pte. Ltd., with the support of the Singapore government, has recently announced the launch of PayNow Corporate as part of Singapore’s Heartlands Go Digital initiative.
The program aims to empower and enable heartland firms, which are small, independent, and family-owned businesses, to accept contactless payments with PayNow Corporate as well as to adapt and adopt new business strategies for long-term success.
According to Tiong Hean, General Manager of Allinpay Merchants Services (Singapore) Pte. Ltd., “We are excited to partner with Standard Chartered to digitally enable the Heartland merchants to adopt Allinpay’s integrated payment solutions, expanded to now include the ubiquitous PayNow method that have garnered increasing adoption and usage in Singapore.”
Introduced in 2020 and spearheaded by the Heartland Digitalization and Revitalization Committee and Enterprise Singapore, The Heartlands Go Digital initiative aims to assist heartland enterprises in implementing digital solutions. Over 200 ambassadors from the Heartlands Enterprise Centre Singapore, SG Digital Office, and SME Centers, had begun on-the-ground outreach to promote e-payments and digital commerce solutions to 20,000 heartland retail and F&B enterprises recently.
Four digital payment vendors, including Allinpay, have been appointed to provide e-payments platforms to the heartland enterprises. This allows small businesses to receive PayNow Corporate payments from customers via QR codes without requiring any financial or administrative efforts. Through this partnership, Standard Chartered will be able to support the e-payments agenda to those within the Allinpay network.
Speaking about the new e-payments platform, Tiong Hean continued: “Small and medium-sized enterprises can leverage [on] Allinpay’s all-in-one payment solution, which accepts credit cards, debit cards and alternative payment methods or wallets to transform their online and in-store businesses as well as accelerate growth, both domestically and across borders.”
Ankur Kanwar, Standard Chartered Bank Head of Cash Products for Singapore and ASEAN added: “Digital technologies are increasingly becoming central to how consumers and businesses engage. Standard Chartered is proud to work with Allinpay to contribute to the Heartlands Go Digital initiative, supporting these enterprises’ journey towards e-payments.”
“It is a win-win opportunity for both the businesses and their customers. The heartland enterprises that use the Allinpay service will be able to receive payments from their customers promptly to improve their cash flows, and at the same time deliver a convenient and seamless experience to their customers,” he elaborated.
