Payment FAQs

1. Is the created virtual bank account unique for each end user?

Yes, the created virtual bank account is unique for each customer, and can be identified by the account number returned by the “Create a virtual bank account” API.

2. Does StraitsX maintain a ledger that records each end user’s account balance?

No, StraitsX does not maintain a ledger that records each end user’s account balance. Upon a successful payment transaction from the end user, StraitsX will account the corresponding stablecoin (XSGD / XUSD) to the partner/merchant’s StraitsX business account.

3. After receiving fiat from the end user, what currency will StraitsX credit to the partner/merchant’s balance?

Depending on the agreed use case, we can offer SGD to SGD, USD to USD, SGD to XSGD or USD to XUSD.

4. Does the QR Code have an expiry time?

Yes, QR codes can have an expiry time, depending on whether they are Persistent PayNow QR codes or Dynamic PayNow QR codes.

• Persistent PayNow QR Code:
  • Does NOT expire – It remains valid indefinitely.
  • Can be used for multiple payments by the same user.
  • Each user can have only one Persistent PayNow QR code.
• Dynamic PayNow QR Code:
  • Expires after a set time – The expiry time must be specified when generating the QR code: Any time from 5 minutes to 30 days after the generation of the QR code.
  • One-time use – After a payment is made, the QR code becomes invalid.
  • If the expiry time is reached before a payment is made, a new QR code must be generated.

5. Is there any limit for using Paynow?

Yes, PayNow transactions are subject to FAST (Fast and Secure Transfers) limits, which apply to all SGD local transfers in Singapore. This limit is S$200,000.

6. How does the VPA look like? What will the payer see when they scan the QR?

7. What are the different API transaction types?