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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.
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:
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!
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.
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:
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.
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.
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