PayNow
Product typeInstant real-time inter-bank payment system
OwnerAssociation of Banks in Singapore
Produced byAssociation of Banks in Singapore
CountrySingapore
Introduced10 July 2017 (2017-07-10)
Markets
  •  Singapore
  • International by cross border payment agreements
Websitewww.abs.org.sg/consumer-banking/pay-now

PayNow is a near-instant real-time payment system developed by Association of Banks in Singapore.[1] The interface facilitates inter-bank peer-to-peer and person-to-merchant transactions. The system is supported by all major Singaporean banks and is regulated by the Monetary Authority of Singapore (MAS) and works by transferring funds between two bank accounts.

Payments can be made to any registered Singaporean mobile number, NRIC, corporate Unique Entity Number (UEN) or Virtual Payment Address (VPA).[1] Scanning QR codes is also an option. PayNow is linked with other payment providers including Stripe,[2] DuitNow (Malaysia),[3] PromptPay (Thailand)[4] and UPI (India).[5]

In 2020, 125 million transactions worth S$22 billion were processed through PayNow.[6]

References

  1. 1 2 "PayNow Singapore".
  2. ↑ Ng, Kelly (21 April 2022). "Singapore-based Stripe users can now accept payments via PayNow". www.businesstimes.com.sg. Retrieved 19 August 2022.
  3. ↑ "Singapore's PayNow to be linked with Malaysia's DuitNow in phases from 2022".
  4. ↑ "Initiative: BoT and MAS's PromptPay-PayNow link". 31 March 2022.
  5. ↑ "PayNow to link with India's UPI for instant, low-cost fund transfers | the Straits Times". 14 September 2021.
  6. ↑ "PayNow transactions doubled to $22 billion in 2020, on track to set higher record this year | the Straits Times". 4 October 2021.
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