What is PayNow? PayNow Review, Features

PayNow is an electronic transfer service that allows users to initiate real-time SGD transfers directly to a payee using the payee’s designated mobile number, ID/FIN number, UEN number or PayNow QR code, without requiring the other party’s bank account information.

About PayNow

PayNow is the trading name of Softwarehouse (Private) Limited, a payment service provider that is a member of the Webdev Group. The single limit for SGD transfers via PayNow is subject to the single limit for local inter-bank transfers. If the recipient wishes to receive funds via PayNow, he/she must have a bank account with a PayNow participating bank and must register his/her mobile number or NRIC/FIN number as a PayNow identifier with the bank. Please note that Bank of China PayNow only provides registration services for the mobile number or NRIC number you specify.

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. 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.

Cooperative Bank

Bank of China (newly added);

Industrial and Commercial Bank of China (newly added);

DBS Bank (DBS/POSB);

CitiBank;

HSBC;

MayBank;

OCBC Bank;

Standard Chartered Bank;

United Overseas Bank (UOB).

Procedure

1. PayNow transfer:

Log in to Bank of China Personal Online Banking or Mobile Banking APP;

Select “PayNow Transfer”;

Select "Payment Account";

Select the identifier type: "Mobile Number", "NRIC/FIN" or "UEN";

Enter the identifier information and click "Query Nickname/UEN";

The payee's nickname or the merchant's name will be automatically displayed;

Enter the transfer amount;

Click "Submit" to complete the transaction.

2. PayNow payment:

Inform the sender of your nominated PayNow Proxy (NRIC number or mobile number) and PayNow Nickname;

Instruct the sender to send funds to the designated PayNow Proxy via Online Banking or Mobile Banking App using the PayNow option.

Advantages

1. No download required

PayNow is not a standalone application and users do not need to download it. As long as you are a customer of a partner bank, 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.

2. No need to top up

Whether it is Alipay or WeChat, you need to transfer the bank money to the platform account, but the money of PayNow is always in the bank account, not in the third-party platform, and the money will be received immediately after the transfer.

3. Easy to operate

Alipay and WeChat both require scanning a QR code to transfer money, but when transferring money with the personal version of PayNow, you can simply enter the other party's mobile phone number or ID number.

4. Support mainstream payment methods under a single contract

Accept most popular electronic payment methods under a single contract.

5. Security

Leveraging PayNow’s technology and experience in fraud detection and prevention, all customer and transaction data is encrypted for security.

6. Consumer Protection

Through intermediary services, PayNow's escrow service has gained the trust of e-commerce consumers.

cost

FAQ

Q: How long is the service time of PayNow?

A: PayNow service hours are 24 hours a day, 7 days a week, 365 days a year.

Q: Can I use PayNow to transfer funds to an overseas bank account?

A: No, PayNow currently only supports SGD transfers between participating banks in Singapore.

Q: What types of bank accounts can I link PayNow to?

A: All single, joint or co-signed Bank of China current and savings accounts can be linked to PayNow. However, please note that co-signed accounts can only be used to receive funds, not to send funds.

Development History

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

-In July 2017, PayNow Personal 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).