Singapore is a market where the Monetary Authority of Singapore (MAS) directly designs and oversees payment infrastructure, and the SGQR unified QR standard and interbank instant transfer network took hold early on. At the center of this is PayNow, an account-to-account instant transfer service run jointly by major banks under the leadership of the Association of Banks in Singapore (ABS); because a recipient can be identified with just a mobile number, NRIC (for individuals), or UEN (for businesses), most adults use it as part of everyday life. With cross-border links to services like Thailand's PromptPay and India's UPI, it has become established as the standard for account-based payments that bypass card networks.

For Korean merchants in small-ticket, recurring-payment industries where card fees weigh heavily—such as digital content subscriptions or lifestyle service bookings, where cost efficiency relative to transaction size matters—accepting PayNow is worth prioritizing. Because funds are debited from the account immediately, the risk of non-payment or default is also low, which benefits recurring billing businesses.

When a consumer scans the PayNow QR (SGQR-compatible) shown at checkout using their banking app, or specifies the merchant identifier (UEN), and approves the transfer, funds are debited from their bank account in SGD immediately. Hecto Financial receives the resulting SGD funds locally, converts them, and settles them to the Korean merchant in whichever currency—USD, KRW, or JPY—was chosen in the contract. Because this is account-transfer-based, approval and cancellation procedures differ from card payments, so reviewing the technical documentation before integration is necessary.

Through Hecto Financial, Korean corporations can consider accepting PayNow payments without signing an individual collection contract with a local bank in Singapore. That said, given the nature of account-transfer methods, the supported channels (online, QR) and terms (settlement cycle, fees, currency options) vary by merchant industry and transaction volume, so confirming with Hecto Financial's sales team before contracting is necessary.

• Business registration country

  Confirm contract eligibility for businesses registered in Korea

• Sales channel

  The integration method differs depending on whether sales are online-only or also include physical stores in Singapore

• Product categories

  Check in advance whether your business falls under a category restricted by PayNow's merchant policies

• Local regulatory compliance

  Confirm compliance with Singapore's payment and foreign exchange regulations (see official sources below)

Funds a consumer pays via PayNow are generated in SGD; Hecto Financial receives them in local currency as-is, then converts them and pays the Korean merchant in whichever of the three currencies—USD, KRW, or JPY—was designated in the contract. Please note that settlement is not made in SGD as-is. The settlement cycle and fee rate are set by the contract terms, and because account-transfer-based methods, unlike cards, may process refunds through a separate return-transfer procedure, it is safer to confirm the refund method and timeline before signing the contract.

• Monetary Authority of Singapore (MAS)Official information on Singapore's payment systems and related regulations. Official sources take precedence if they differ from the content on this page.