Nine participating banks in Singapore have adopted PayNow, a peer-to-peer funds transfer service available to retail customers:
Bank of China
Citibank Singapore Limited
Industrial and Commercial Bank of China Limited
Standard Chartered Bank
Offering an enhanced funds transfer experience, Paynow enables retail customers of the nine participating banks to send and receive Singapore Dollar funds from one bank to another in Singapore through FAST by using just their mobile number or Singapore NRIC/FIN, almost instantly.
There is no longer any need for the sender to know the recipient’s bank and account number when transferring money via PayNow.
Launched on 10 July 2017, Paynow is provided free to retail customers and is available 24/7, 365 days.
Introducing PayNow Corporate
Extending beyond retail customers to corporates, businesses, Singapore Government agencies, associations and societies – collectively “Entities” – through PayNow Corporate of participating banks, PayNow Corporate enables Entities to pay and receive Singapore Dollar funds instantaneously by linking their Unique Entity Number (UEN) issued in Singapore to their Singapore bank account.
There is no need to know the bank and account number of other entities when transferring funds.
For receivers of funds, entities need to register for the service online at their bank’s banking platform. They can also contact their bank for assistance.
Now PayNow Corporate enables retail customers of participating banks to transfer funds to entities and vice versa.
Provided by the nine PayNow participating banks now, other than for Bank of China, and Industrial and Commercial Bank of China Limited which will be offering PayNow Corporate at a later phase.
Scanning a QR code to make payments is also made available. Entities and consumers can now make PayNow transfers by scanning the PayNow QR code using the existing mobile banking applications of the participating banks.
PayNow QR code will be integrated with the Singapore Quick Response Code (SGQR) when it is launched later this year.
For more information, do check with Value Accounting.