Singapore's MAS, Banks to Upgrade PayNow Infrastructure

MT Newswires06-26

The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) will upgrade the city-state's national instant payments infrastructure, expanding PayNow capabilities to support interoperable QR codes and AI-driven commerce.

Announced by MAS Chairman Gan Kim Yong at the ABS annual dinner on Thursday, the "PayNow Generation 2" blueprint outlines four priority enhancement areas including a pilot to enable full interoperability between PayNow and NETS QR codes, alongside smoother online checkouts via deep-linking.

The payment capabilities will also aim to provide support for emerging business needs and to allow larger-value public sector PayNow transactions for government agencies.

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