Guide to using PayNow in Singapore - Features and fees | Finder SG
GoBear is now part of Finder

Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

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

      Data updated regularly
      Name Product Monthly fee Minimum Initial Deposit Fall below monthly fees Mobile payments
      POSB current account
      Apple Pay, Google Pay, Samsung Pay, NETSPay, PayLah!
      Benefit from automatic top-up feature and free chequebooks with this checking account.
      CIMB StarSaver Account
      Samsung Pay
      This combined current and savings account offers three interest tiers based on the size of your account balance.
      OCBC Frank Account
      Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, Garmin Pay, NETSPay
      This fee-free starter account offers 4x higher interest than regular savings accounts and a customisable debit card.
      UOB Current Account
      Apple Pay, Google Pay, Samsung Pay
      Manage your day-to-day finances with this statement-based chequeing account and enjoy a 3-year waiver on your UOB debit card.

      Compare up to 4 providers

      Disclaimer: Interest rates are applicable for deposits between S$1,000 and S$49,999. Interest rate and initial deposit are shown in Singapore dollars. Please check with the provider for deposits and rates in other amounts and currencies.
      Data updated regularly
      Name Product Monthly fee Card delivery Supported currencies Mobile Payments
      5-8 business days


      Apple Pay, Google Pay

      Use promo code FINDER5 to earn $5 on signup.

      A prepaid Mastercard with no monthly fees, contactless payment features and fee-free transactions in over 150 currencies. NOTE: Promo code valid for new signups and Singapore residents only.
      Aspire Business Account
      3-5 business days


      Apple Pay, Google Pay
      A virtual business debit card to help you manage business expenses. No foreign exchange fees and cashback perks of up to 1% on selected spending.
      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 Premium
      Up to 4 working days


      Apple Pay, Google Pay
      On top of standard Revolut perks, this debit card comes with unlimited spending and free overseas ATM withdrawals, up to $700 per month.

      Compare up to 4 providers

      Frequently asked questions

      Back to top

      More guides on Finder

      Ask Finder

      You are about to post a question on

      • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
      • is a financial comparison and information service, not a bank or product provider
      • We cannot provide you with personal advice or recommendations
      • Your answer might already be waiting – check previous questions below to see if yours has already been asked provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

      By submitting your comment or question, you agree to our Privacy Policy and Terms.

      Questions and responses on are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
      Go to site