PayNow: Who Qualifies and What You Get
Learn how to use PayNow for instant money transfers using your mobile number or identification details.
PayNow is a digital payment service that allows you to send and receive money instantly using mobile numbers or identification details.
Who it's for
This service is available to all bank account holders. If you hold a bank account in Singapore, you are eligible to use this system to facilitate your digital transactions.
What you get
The primary benefit of this service is the ability to make instant fund transfers. Instead of using traditional banking methods that may take time to process, you can send money immediately. You can facilitate these transfers by using a recipient's mobile number or their NRIC (National Registration Identity Card) details, making the process much faster than manual bank transfers.
What it costs you
To use this service, you must have your bank's mobile application installed and integrated on your device. The process requires you to use your banking app to manage these transactions, meaning you must have a smartphone or a device capable of running your bank's digital platform.
The catch to know
The most important thing to remember is to check the recipient's name carefully before sending any money. Because the transfers happen instantly using just a mobile number or an ID, it is vital to verify that the name displayed on your screen matches the person you intend to pay before you finalize the transaction.
How to apply
- Download and install your bank's official mobile application on your smartphone.
- Log in to your account and look for the settings to link your mobile number or NRIC to your bank account.
- Once linked, select the option to send money and enter the recipient's mobile number or identification details.
- Review the recipient's name to ensure it is correct, then confirm the transfer to send the funds.