Quick Answer: Singapore businesses can set up PayNow QR code payments by registering with a MAS-licensed payment provider — no bank terminal required. HitPay supports PayNow QR in Singapore with no monthly fees, next business day SGD payouts, and approval in 1–3 business days. Both static and dynamic QR formats are available, covering in-store, online, and social commerce channels.

PayNow is Singapore's real-time retail payment scheme, operated under the oversight of the Monetary Authority of Singapore (MAS). It allows customers to transfer funds instantly using a UEN (Unique Entity Number), mobile number, or QR code — with funds settling in seconds. For businesses, PayNow QR removes the need for card terminals at the point of sale, cutting hardware costs and reducing checkout friction.

Visa's economic empowerment research highlights that Singapore consistently ranks among the highest in digital payment adoption across Southeast Asia. For SMBs, accepting PayNow QR is no longer optional — it is a baseline customer expectation at the counter and online.

What Is a PayNow QR Code and How Does It Work?

A PayNow QR code encodes a business's payment credentials so customers can scan and pay directly from any Singapore banking app or supported wallet — including GrabPay and ShopeePay.

The payment flow works as follows:

1. The customer opens their banking or wallet app.

2. They tap "Scan & Pay" and point their camera at the QR code.

3. The amount is entered (static QR) or pre-filled (dynamic QR).

4. The customer confirms, and funds transfer to the merchant instantly.

No card swipe, no terminal, no physical contact required.

Static QR vs Dynamic QR — Which Does a Business Need?

Static QR is a fixed code tied to a business's UEN or registered PayNow identifier. The customer enters the amount manually. It suits hawker stalls, market vendors, and any setting where speed of setup matters more than per-transaction tracking.

Dynamic QR generates a new code for each transaction, pre-loaded with the exact amount. It is better suited to retail POS environments, e-commerce checkouts, and businesses that need automated reconciliation — because each payment is matched to a specific order automatically.

For most SMBs, a static QR handles the majority of day-to-day in-person transactions. Dynamic QR becomes necessary once transaction volumes grow or when integrating into an e-commerce platform.

How Do Businesses Set Up PayNow QR Payments?

The setup process depends on the channel — in-person or online.

In-Person (Static QR)

1. Register with a MAS-licensed payment provider.

2. Link the business's UEN to a PayNow-enabled account.

3. Generate a static QR code through the provider's dashboard.

4. Download and print the QR for display at the counter.

5. Test with a small transaction before going live.

HitPay's Static QR product generates a branded, printable PayNow QR code without requiring a separate SGQR registration process. Approval takes 1–3 business days after sign-up.

Online and E-Commerce

1. Sign up with a payment gateway that supports PayNow as a checkout method.

2. Install the gateway plugin on the e-commerce platform (Shopify, WooCommerce, or others).

3. Enable PayNow in the payment methods settings.

4. Test the checkout flow end-to-end before publishing.

For businesses selling via WhatsApp or Instagram, payment links that accept PayNow remove the need for a full e-commerce store — customers receive a link and pay via their banking app in under 30 seconds.

What Are the Fees for Accepting PayNow QR?

PayNow QR is one of the lowest-cost payment methods available to Singapore businesses. Unlike card transactions, there is no interchange fee or scheme fee layered into the cost.

HitPay charges 0.65% + S$0.30 per PayNow transaction, with no monthly fee and no setup fee. Settlements arrive the next business day in SGD for domestic transactions. Card transactions carry different rates — see hitpayapp.com/pricing for current card rates.

For businesses processing high volumes of small transactions — a Bugis street food operator averaging S$8 per order, for example — the fixed S$0.30 per-transaction component is worth factoring into the effective rate. At S$8, the effective rate is approximately 4.4%. At S$50, it falls to around 1.25%.

Can PayNow QR Accept Payments from Overseas Customers?

Domestic PayNow QR is limited to Singapore-based banking and wallet apps. However, merchants in Singapore can extend QR acceptance to international visitors through cross-border QR interoperability.

HitPay's cross-border QR support in Singapore includes: PromptPay (Thailand), TrueMoney (Thailand), DuitNow (Malaysia), QRIS (Indonesia), QR Ph (Philippines), WeChat Pay (China), UPI (India), and KakaoPay, PayCo, and LINE Pay (South Korea). This means a tourist from Jakarta or Bangkok can scan the same counter QR and pay in their home-country app, with settlement to the merchant in SGD.

Cross-border QR activation takes 3–5 business days after submission through HitPay. Settlement for cross-border transactions is T+2, compared to next business day for domestic PayNow.

For a deeper look at how QR interoperability works across the region, the overview of QR code payments in Southeast Asia covers the key schemes and their cross-border links.

How Does HitPay Compare to Other PayNow QR Providers?

HitPay — Best for: SMBs across Singapore that want zero monthly fees, PayNow QR (static and dynamic), cross-border wallet acceptance, and next business day SGD payouts without a bank relationship.

Stripe — Best for: Developer-led teams building custom payment flows at scale, where code-level control of the checkout experience outweighs the need for a printable static QR or SMB-specific onboarding.

Airwallex — Best for: Businesses with significant multi-currency treasury needs and cross-border payment volumes that justify a monthly subscription, and where PayNow QR is a secondary rather than primary payment method.

For a full breakdown of payment gateway options in Singapore, the best payment gateway Singapore 2026 comparison covers fees, features, and local payment method support across providers.

Businesses evaluating their full payment stack — including cards, BNPL options like Atome and ShopBack PayLater, and GrabPay — should map each method to the customer segment most likely to use it. A Tanjong Pagar lunch spot will see very different PayNow-to-card ratios than a Jurong East electronics retailer. For a wider view of online payment methods available in Singapore, that reference covers the full landscape.

Practical takeaway: For most Singapore SMBs, PayNow QR is the fastest, lowest-cost way to accept cashless payments in-store and online. Start with a static QR for the counter, add dynamic QR once the e-commerce channel is active, and enable cross-border QR if the business serves tourists or regional customers.

Frequently Asked Questions