PayNow offers an improved money transfer experience, allowing retail customers of participating banks and non-financial institutions (NFIs) in Singapore to swiftly send and receive Singapore Dollar funds within the country. This can be done using only a mobile number, Singapore NRIC/FIN, or a Virtual Payment Address (VPA). Importantly, the sender no longer needs to possess knowledge of the recipient’s specific bank or e-wallet provider, or their account number, when making transfers through PayNow.
PayNow was initially launched on July 10, 2017, for participating banks, and on February 8, 2021, for participating NFIs. This service is provided free of charge to retail customers and is accessible around the clock, 365 days a year. You can find a list of participating institutions in the section below titled “PayNow Participants.”
Moreover, PayNow has been extended beyond retail customers to encompass corporates, businesses, Singapore Government agencies, associations, and societies, collectively referred to as “Entities,” through the introduction of PayNow Corporate, available through participating banks.
PayNow Corporate allows Entities to instantly send and receive Singapore Dollar funds by linking their Unique Entity Number (UEN), issued in Singapore, to their local bank account. This eliminates the need for them to be aware of the specific bank and account numbers of other Entities when transferring funds.
To receive funds, Entities can register for the service online via their bank‘s banking platform, or they can seek assistance from their bank.