PayNow is a peer-to-peer funds transfer service in Singapore that enables users to send and receive money instantly using their mobile phone numbers or National Registration Identity Card (NRIC) numbers. It was launched by the Association of Banks in Singapore (ABS) in 2017 as part of the nation’s push towards a cashless society and to facilitate faster and more convenient payments.
Here’s how PayNow works:
Registration: Users need to link their bank accounts to their mobile phone numbers or NRIC numbers through their respective banks’ mobile banking apps or Internet banking platforms. Once registered, they can send and receive funds using PayNow.
Sending Money: To send money to someone, users need to know the recipient’s mobile phone number or NRIC number, which is linked to their bank account. They can initiate the transfer through their bank’s mobile app or Internet banking platform, select the recipient, enter the amount, and confirm the transaction.
Receiving Money: When someone sends money to a user via PayNow, the funds are transferred instantly to the recipient’s linked bank account. The recipient is notified through their bank’s mobile app or Internet banking platform informing them of the incoming transfer.
Security: PayNow transactions are secured using the same security measures as other online banking transactions, such as encryption and authentication protocols. Users are also required to authenticate their transactions using their bank’s provided security measures, such as PIN codes or biometric authentication.
PayNow has gained widespread adoption in Singapore and is used for various purposes, including splitting bills, paying for goods and services, and transferring funds between friends and family members. It offers a convenient and efficient way to make digital payments without the need for cash or physical bank transfers.