Creation Origin

PayNow is a new electronic transfer service launched by the Association of Banks in Singapore in collaboration with seven local banks: DBS Bank/POSB, OCBC Bank, UOB, Standard Chartered Bank, HSBC, Citibank and Maybank.

Instructions

PayNow Business is an extension of PayNow Personal . Merchants, businesses and government agencies using PayNow Business can link their Unique Entity Number ( UEN ) to their bank accounts for inter-business transfers or receiving payments from customers.

With the personal version of PayNow , users only need the recipient's mobile phone or ID number to make electronic transfers. With the launch of the corporate version of PayNow , PayNow is not just about transferring money between individuals. Just like the personal version of PayNow , corporate version of PayNow users can use this service online or in the mobile banking application, and the transfer funds will be received instantly.

The seven banks participating in the corporate version of PayNow are DBS Bank, UOB, OCBC Bank, Citibank, Standard Chartered Bank, HSBC and Maybank.

Handling Fees

Just 1.5 % + 50c for online payments , depending on payment method .  

Features

1. No download required: PayNow is not a standalone application, so users do not need to download it. As long as you are a customer of the above banks, you can find this new feature in your personal network or mobile banking application. After binding your mobile phone number or ID number, you can enjoy this service for free. You should know that the popularity of online banking in Singapore is still quite high - many banks' mobile apps are still doing well.

2. No need to top up: Whether it is Alipay or WeChat, you need to transfer the bank money to the platform account ( some are completely in the background ) , but the money of PayNow is always in the bank account, not in the third-party platform. After the transfer, the money will be credited immediately.

3. Easy to operate: Alipay and WeChat both require scanning the QR code to transfer money, while the personal version of PayNow only requires entering the other party’s mobile phone number or ID number.

Development History

In 2017 , PayNow registered 150,000 transactions totaling S$ 24 million ( US$17 million ) .

In July 2017 , PayNow Personal Edition was launched, an electronic transfer service led by the Association of Banks in Singapore and jointly launched by seven banks in Singapore.

In April 2018 , Bank of China and Industrial and Commercial Bank of China also joined PayNow .

In July 2019 , the number of transactions reached 5 million, with a total value of S$ 1 billion ( US$720 million ) .

References