Streamlined Business Payments and Payroll With Paynow on Aspire

Published on
July 18, 2023
Written by
Content Team
Writers@Aspire
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Streamlined Business Payments and Payroll With Paynow on Aspire
We are excited to announce that you can now both send and receive payments via PayNow with your Aspire account. Plus, make CPF payments!
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Since its launch in 2017, PayNow has become one of the most popular real-time payment methods in Singapore used by over 80% of residents and businesses. The ability to make incoming and outgoing business payments directly through PayNow has been a highly-requested feature by Aspire’s customer base of over 10,000 in Singapore, including Tech in Asia, Love Bonito, Endowus, and AirAsia. 

As a growing business ourselves, we understand the growing pains of managing multiple business payments. That’s why we're excited to announce that you can now both send and receive payments via PayNow with your Aspire account. This also includes making CPF payments!

What is PayNow?

Built on Fast and Secure Transfers (FAST) infrastructure, PayNow enables fast, secure instant payments for business and personal expenses without the need to know or disclose any account numbers.

Aspire is the first All-in-One business account that enables PayNow transfers via all of the following modes:

  • QR code
  • Unique Entity Number (UEN)
  • Mobile number 
  • National Registration Identity Card (NRIC)
  • Virtual Payment Address (VPA)

What does it mean for users? 

Users now have the ability to send and receive payments instantly for free directly from their Aspire account.

With PayNow, Aspire users will be able to: 

  • Pay vendors, employees, suppliers, and business expenses instantly via UEN and QR codes
  • Manage payroll and pay for employee CPF contributions
  • Pay corporate taxes directly with PayNow
  • Offer customers additional contactless payment channels via SGQR 

The speed and convenience of PayNow payments will help busy business owners and finance teams optimise the way they manage their local operations and payroll.

How can I initiate a PayNow transaction?

Read the full guide to learn how you can start making payments via PayNow here

What are the charges related to making PayNow transfers?

PayNow will be available to Aspire users with an active SGD account and business incorporated in SG with no additional cost for local SGD transfers, including our free Business Account Lite plan.

If you’re looking for a business account that simplifies your business finances, reduces fees, and makes your life easier, sign up for your free business account today.

For more episodes of CFO Talks, check us out on Apple Podcasts, Google Podcasts, Spotify or add our RSS feed to your favorite podcast player!

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ABOUT THE AUTHOR
Content Team at Aspire is a society of seasoned writers & experts specialising in finance, technology and SaaS space. With 50+ years of collective experience, they help make business finance more profitable for readers. They write about finance tools, finance insights, industry trends, tactical guides to grow your business & also all things Aspire.
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Aspire is the all-in-one finance operating system for businesses. Our mission is to empower the next generation of entrepreneurs with the financial tools they need to realise their company’s full potential.
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