Standard Chartered Bank and the Singaporean firm Allinpay have enabled PayNow, a QR code-based instant cross-border payment service for Hong Kong businesses.
Hong Kong participating businesses will have no infrastructure or operational fees to accept Singapore PayNow payments. Singaporeans won’t be subject to currency exchange rates or cross-border fees either. The banks anticipate that the action will promote international travel and generate income for participating Hong Kong companies.
Tay Tiong Hean, general manager of Allinpay Merchants Services, said: “With the resumption of travel, it is appropriate to lead PayNow QR payments at Hong Kong merchants.”