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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 modes 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 provided by fifteen PayNow participating banks and three participating Non-Bank Financial Institutions (NFIs) in Singapore.

  • ANZ
  • Bank of China
  • BNP Paribas
  • CIMB
  • Citibank
  • DBS Bank/POSB
  • Deutsche Bank
  • HSBC
  • ICBC
  • J.P. Morgan
  • Maybank
  • OCBC Bank
  • Standard Chartered Bank
  • SMBC
  • United Overseas Bank
  • GrabPay
  • LiquidPay
  • Singtel Dash

    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 Mobile view Digital Banks Monthly fee Card delivery Supported currencies Mobile payments
      Canvas Pre-paid Visa Card and App
      • Monthly fee

        S$2.99

      • Card delivery

        Up to 8 business days

      • Supported currencies

        1

      • Mobile payments

        S$2.99
        Up to 8 business days

        1

        N/A

        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.
        YouTrip
        • Monthly fee

          S$0

        • Card delivery

          5-8 business days

        • Supported currencies

          10

        • Mobile payments

        S$0
        5-8 business days

        10

        Apple Pay, Google Pay

        New users get S$5 (code FINDER5) and a chance to win $1 flights to Bangkok or Bali. Existing users can also win $1 fares by spending S$500 in foreign currency or posting & tag YouTrip on IG. Offer valid now till 30 March 2023. T&Cs apply
        Wise Multicurrency Account
        • Monthly fee

          S$0

        • Card delivery

          2 - 3 business days

        • Supported currencies

          8

        • Mobile payments

        S$0
        2 - 3 business days

        8

        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
        • Monthly fee

          S$0

        • Card delivery

          4-6 working days

        • Supported currencies

          26

        • Mobile payments

        S$0
        4-6 working days

        26

        Apple Pay, Google Pay
        Enjoy no monthly fees, competitive currency conversion rates, and spend in over 150 currencies with Revolut’s Standard card.
        Revolut Premium
        • Monthly fee

          S$9.99

        • Card delivery

          4-6 working days

        • Supported currencies

          26

        • Mobile payments

        S$9.99
        4-6 working days

        26

        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.
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