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Guide to PayNow

Send payments instantly with this popular funds transfer service.

PayNow is an enhanced peer-to-peer funds transfer service that allows users to make instant and hassle-free transactions, making it one of the most widely used payment mode in Singapore.

So if you have yet to set up the PayNow functionality for your bank account, you should definitely consider getting registered. Learn more about PayNow and how it can benefit you in this guide.

What is PayNow?

PayNow is a P2P e-payment service that enables users to send and receive Singapore dollars from one bank to another almost instantly using just their recipient’s mobile number, Singapore NRIC/FIN or Company Unique Entity Number (UEN). Payments can also be made using QR code scans.

PayNow was launched by the Association of Banks in Singapore (ABS) on 10 July 2017, and is free for all retail customers of the following banks:

  • Bank of China
  • Citibank
  • DBS Bank/POSB
  • HSBC
  • ICBC
  • Maybank
  • OCBC Bank
  • Standard Chartered Bank
  • United Overseas Bank

    How does PayNow work?

    With PayNow, you can send and receive money to anyone who is registered on this payment collection service with just a few clicks.

    To initiate a transfer, simply log on to your bank’s mobile app or Internet banking platform. Next, select the PayNow feature, enter your recipient’s PayNow Proxy and the amount you wish to transfer. Review the transfer details, hit send and you’re done!

    What is a PayNow Proxy?

    A PayNow Proxy is a personal identifier linked to your bank account, which can be a local/foreign mobile number or Singapore NRIC/FIN number. For companies, their PayNow proxies may be a UEN or a QR code.

    This way, you’d no longer need to know your recipient’s bank and account number to conduct a funds transfer.

    Features of PayNow

    • Instant transfers. Transfer and receiving of payments are done in real-time.
    • 24/7 availability. PayNow is available 24/7 and can be used anytime, anywhere on mobile or online banking.
    • Safe and secure. PayNow adopts the same high-security standards established by the local banking industry.
    • Hassle-free. There’s no need to obtain details such as the recipient’s bank and account number when conducting a funds transfer.
    • Faster access to funds. When receiving government payouts or insurance claims, you’ll receive the funds in your account instantly instead of waiting for a cheque.
    • Real-time notifications. Keep your recipient informed with instant payment notifications.

      Where can I use PayNow?

      You can use PayNow to transfer funds to anyone across the nine participating banks in Singapore, including corporate entities such as enterprises, government agencies and associations.

      Examples of businesses accepting PayNow includes, but not limited to the following:

      • School fees
      • Library fines
      • Traffic fines
      • Enrichment centers fees
      • Hospital bills
      • Sports facilities bookings
      • Service and Conservancy Charges (S&CC)
      • Central Provident Fund (CPF) withdrawals

      How to set up PayNow

      Setting up PayNow is simple. Depending on your bank, you can typically set it up through various banking platforms – SMS, mobile app or Internet banking.

      In this example, we’ll run through how you can set up PayNow if you’re a DBS/POSB customer.

      PayNow Corporate

      Businesses can also accept payments conveniently via PayNow Corporate. If you’re a business owner, simply publish your Unique Entity Number (UEN) or PayNow QR code on your invoice, business card, website, mobile app, and even at in-store counter.

      Customers will then be able to make payments to your UEN or can scan your QR using mobile banking from any PayNow participating banks.

      Compare banks accounts in Singapore

      Name Product Monthly fee Card delivery Supported currencies Mobile payments
      Canvas Pre-paid Visa Card and App
      Up to 8 business days


      Apple Pay, Google Pay

      Finder special offer of 30 days free trial and $10 credit on each kid’s card upon activation.

      Manages your kids’ pocket money and domestic helpers’ access to household expenses digitally.
      Wirex Standard
      5 business days


      Apple Pay, Google Pay

      Get a Welcome Bonus of $15 USD in WXT when you sign up with Wirex through Finder.

      A multi-currency card that supports over 150 currencies, including more than 8 cryptocurrencies at interbank rates.
      Wise Multicurrency Account
      2 - 3 business days


      Apple Pay, Google Pay
      Wise (formerly TransferWise) is an international account for over 50 currencies, with instant, super-cheap money transfer, a card to spend in any currency, bank details to get paid in 30 different countries and multi-currency direct debits.
      Revolut Standard
      Up to 9 working days


      Apple Pay, Google Pay

      Get 20% cashback on all eligible public transport expenses in Singapore when you pay with Revolut. Valid until 31 December 2021.

      Enjoy no monthly fees, competitive currency conversion rates, and spend in over 150 currencies with Revolut’s Standard card.
      Wirex Elite
      5 business days


      Apple Pay, Google Pay

      Get a Welcome Bonus of $15 USD in WXT when you sign up with Wirex through Finder.

      Access supercharged rewards and curated merchant offers in addition to standard Wirex digital payment features and travel card.

      Compare up to 4 providers

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