PayNow is a person-to-person (P2P) electronic fund transfer service in Singapore that allows individuals to transfer funds to each other using just their mobile phone numbers or NRIC/FIN (National Registration Identity Card/Foreign Identification Number). PayNow was launched in July 2017 by the Association of Banks in Singapore (ABS) and is supported by participating financial institutions in Singapore, including banks and non-bank financial institutions.
To use PayNow, both the sender and recipient must have a PayNow-enabled account with a participating financial institution. The sender can initiate a PayNow transfer through the online or mobile banking platform of their financial institution, or through the PayNow app. The recipient will receive a notification of the transfer and can access the funds transferred to their account instantly. PayNow can be used to transfer funds between individuals, businesses, and government agencies in Singapore.
PayNow is a convenient and secure way to transfer funds in Singapore, as it does not require the exchange of bank account details or personal identification numbers. It is also fast, as the funds are transferred almost instantly.