PayNow offers an enhanced funds transfer experience that enables retail customers of the participating banks and NFIs to send and receive Singapore Dollar funds from one bank or e-wallet account to another in Singapore through FAST by using just their mobile number, Singapore NRIC/FIN, or Virtual Payment Address (VPA), instantly. The sender no longer needs to know the recipient’s bank/e-wallet provider and account number when transferring money via PayNow.

PayNow, which launched on 10 July 2017 for participating banks and on 8 February 2021 for participating NFIs, is provided free to retail customers and is available 24/7, 365days. You can find the list of participating institutions in the section below on PayNow Participants.

 
 

FOR PURCHASES AND BILLS

HOW TO MAKE QR CODE PAYMENTS

Make payments using your bank’s mobile banking app for PayNow QR codes and SG QR codes with the PayNow logo.

Step 1:Log in to your bank’s mobile banking app.

Step 2:Scan the QR code using your bank’s app.

Step 3:Enter the amount to pay if it’s not generated, then confirm the transfer.

FOR FUNDS TRANSFER

HOW TO RECEIVE money

You just need to link your mobile number and/or Singapore NRIC/FIN to the bank account that you want the money to be transferred to. For entities, they need to link the UEN to the bank account. This is a one-time registration.

Step 1:Log in to your bank’s existing internet banking or mobile banking app.

Step 2:At the PayNow transfer screen, enter the recipient’s mobile number, NRIC/FIN or UEN and the amount to be transferred.

Step 3:Verify that the recipient’s name (as registered on PayNow) is correct before confirming the transfer.

PayNow Fact Sheet

 

PayNow InfoGraphic

PayNow has also been extended beyond retail customers to corporates, businesses, Singapore Government agencies, associations and societies – collectively “Entities” – through PayNow Corporate of participating banks / non-bank financial insitutions (NFI).

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. They do not need to know the bank and account number of other Entities when transferring funds.

To receive funds, Entities need to register for the service online at their bank’s banking platform. They can also contact their bank / NFI for assistance.

With PayNow Corporate, retail customers of participating banks / NFI can now transfer funds to Entities and vice versa. You can find the list of participating institutions in the section below on PayNow Participants.

To ensure that PayNow remains an accessible payment mode, Entities are prohibited from imposing surcharges on consumers for PayNow transactions.

Virtual Payment Address (VPA) is a new proxy that has been made available, in addition to the existing PayNow proxies - mobile numbers, NRIC/FIN numbers and Unique Entity Numbers (UENs). VPA helps individuals distinguish between PayNow registrations that are linked to bank accounts, from those linked to NFI e-wallets. VPA allows individuals to link their mobile number with an NFI e-wallet, while keeping their existing PayNow registration that is linked to a bank account.

 
 

The option of scanning a QR code to make payments is 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 or selected mobile applications of the participating NFIs.

The PayNow QR code is integrated with the Singapore Quick Response (SGQR) Code.

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The PPPN linkage, launched in April 2021, connects the fast payment systems of Singapore and Thailand (PayNow and PromptPay, respectively) through cross-border gateways built and operated by both countries’ systems operators (BCS and ITMX, respectively).

In its initial phase, the linkage enables the customers of the participating banks in Singapore and Thailand to transfer funds quickly and securely between the two countries by simply keying in the recipient’s mobile phone number, mirroring a domestic PayNow or PromptPay transfer. The sender no longer needs to key in the name and bank account details of the recipient, and the recipient will receive the funds within minutes as opposed to the one-to-three working days typically needed for traditional cross-border remittances.

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PayNow – UPI linkage provides a convenient (24/7), fast (near real time), secure and cost-effective means for customers of participating Banks and Non-Bank Financial Institutions (NFIs) in Singapore and India to perform cross borders transfers. In essence, Singapore's PayNow and India's *Unified Payments Interface (UPI) users will be able to send money instantly and securely across the two countries.

  • A PayNow user of a participating bank/NFI in Singapore will be able to send money to a UPI user of a participating bank in India, and vice versa.

    • A Singapore PayNow user sending money to India will need to key in the recipient’s registered UPI identity ("ID").
    • An India UPI user sending money to Singapore will need to key in the recipient’s registered PayNow mobile number or Virtual Payment Address (VPA).

With this new PayNow-UPI linkage, customers from India and Singapore are able to send and receive cross-border funds easily and quickly, with just their mobile numbers / VPA / UPI IDs, in near real time and at competitive rates. There is no need to remember or note down the recipient’s bank name, account number and other banking details or wait for 1 to 2 days for the cross-border transfer to be completed. There is also no need for the recipient to share his/her bank account details with the sender.

*Unified Payments Interface, or UPI in short, is an instant real-time payment system developed by National Payments Corporation of India which facilitates inter-bank peer-to-peer transactions.

Banks

MAJOR PAYMENT INSTITUTIONS

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What is PayNow - DuitNow

Customers of Banks and Non-Bank Financial Institutions (NFIs) in Singapore and Malaysia participating in the linkage will be able to enjoy a service that is:

  • Convenient (24/7 and leverages existing mobile banking/payments applications),
  • Fast (real-time),
  • Safe (funds are transferred on secure banking rails), and
  • More transparent and cost-effective (competitive FX rates which are displayed upfront)

In essence, Singapore's PayNow and Malaysia's DuitNow users will be able to send and receive money instantly and securely across the two countries.

  • A PayNow user of a participating bank/NFI in Singapore will be able to send money to a DuitNow user of a participating bank/NFI in Malaysia, and vice versa.

    • A Singapore PayNow user sending money to Malaysia will need to key in the recipient’s registered DuitNow mobile number.
    • A Malaysia DuitNow user sending money to Singapore will need to key in the recipient’s registered PayNow mobile number or Virtual Payment Address (“VPA”, to Liquid Group users only).

Banks