Maybank Singapore has joined forces with mobile payment services group Liquid Group to unveil an all-in-one QR payment terminal solution for merchants.
The new solution enables the QR payment adoption through PayNow, facilitating contactless payments for merchants.
Merchants can utilise the QR Payment Terminal to generate a dynamic PayNow QR code.
Customers can make payments through PayNow without entering bill amount.
The payment terminal is compatible with mobile banking apps of nine PayNow participating banks in Singapore.
UnionPay QR, WeChat and GrabPay are some of the non-bank apps supported by the terminal.
Merchants signing up for a Maybank Current Account linked to PayNow would have the payments credited into their bank account instantly.
For other bank accounts, merchants will get their payments credited the next transaction day.
Moreover, the Association of Banks in Singapore (ABS) will offer a cash incentive of S$25 ($17.65) to the 20,000 new PayNow sign-ups between 9 April and 31 July 2020.
Maybank Singapore head of Virtual Banking and Payments Cynthia Liaw 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.”