Market coverage 1
["Singapore"]
Singapore
Singapore
Currencies 1
- Singapore Dollar
Description
PayNow is an electronic payment system used in Singapore. It was developed by the Association of Banks in Singapore (ABS) in collaboration with the national payment network Fast And Secure Transfers (FAST). PayNow allows users to instantly transfer funds between local bank accounts using only the recipient’s mobile phone number or national identification number.
PayNow simplifies the money transfer process by eliminating the need to know the recipient’s detailed bank account information. You only need to know their mobile phone number or national identification number linked to their bank account.
Transfers made through PayNow are instantaneous, meaning funds are transferred in real-time between participating bank accounts. This enables quick and convenient payments, including reimbursements, expense sharing, or merchant payments.
PayNow is available to all users of local bank accounts in Singapore, including individuals, businesses, and organizations. Major banks in Singapore are members of the PayNow network, providing extensive coverage.
PayNow employs robust security measures to protect transactions. Users are required to authenticate their payments using identification methods such as passwords, PIN codes, or fingerprints, depending on the security features implemented by their bank.
PayNow can be used for various transactions, including peer-to-peer transfers, merchant payments, loan or tax refunds, charitable donations, savings account deposits, and more.
