PayNow

#Instant Payment

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 […]

Certified payment providers 3
Market coverage 1
  • 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.

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Frequently Asked Questions

What are the best practices for managing cross-border payments?2023-04-18T18:56:57+02:00

NORBr is a payment orchestrator that connects you to all cross-border payment services providers that can help you manage your cross-border payments efficiently and securely, while also ensuring compliance with relevant regulations. NORBr offers advanced features like fraud detection, currency conversion, and real-time tracking and reporting, which can help you optimize your payment processing for cost efficiency and speed.

What are the risks associated with cross-border payments?2023-04-18T18:57:21+02:00

Cross-border payments can be associated with several risks for you, including currency fluctuation risk, regulatory risk, and fraud risk. Currency fluctuation risk refers to the potential impact of exchange rate fluctuations on the value of your payments. Regulatory risk relates to the complexity of complying with different regulations in different countries. Fraud risk refers to the potential for fraudulent activity, which can be more difficult to detect and prevent in cross-border transactions.

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