The cashless, secure and real-time online payment method - PayNow - was launched and promoted in 2017 for consumers and businesses alike. Introduced by the Association Bank of Singapore (ABS), PayNow was a direct response to an increased demand for a more convenient and efficient way of transferring fees and receiving funds.
PayNow is overseen by the Monetary Authority of Singapore (MAS) and offers an enhanced funds transfer service that allows customers of fourteen PayNow participating banks to send and receive Singapore Dollar (SGD) funds from one Singapore bank account to another. These participating banks include, but are not limited to, Citibank Singapore Limited; DBS Bank/POSB; HSBC; Maybank; OCBC Bank; Standard Chartered Bank; and United Overseas Bank.
Any customer and businesses can register for the PayNow service by simply using their Singapore-registered mobile number, Singapore National Registration Identity Card or Foreign Identification Number, UEN business registration number or Virtual Payment Address. Users can then transfer SGD funds from one bank account or e-wallet account to another through the Fast and Secure Transactions (FAST) network. This is a regulated and standardised payment rail that ensures safe interoperability between payment providers.
A QR Code can also be created for you when using the PayNow Mobile proxy. It is available once you register your mobile number with PayNow via DBS/POSB digi bank/iWealth and can be shared to receive funds easily via your PayNow registered mobile number.
When linked to other neighbouring countries’ payment providers such as Stripe, DuitNow, UPI and PromptPay, PayNow provides an innovative opportunity for Singaporeans to instantly make cross-border payments and vice versa in countries such as Malaysia and Thailand.
The trusted payment service is available 24/7, 365 days a year and saves costs for customers, as the fee is considerably lower than cards in Singapore.