Understanding PayNow: Revolutionizing Digital Payments in Singapore

13 min read Mar 2025

What is PayNow?


PayNow is a real-time payment (RTP) platform of participating banks in Singapore which enables customers to make payments seamlessly. Launched by the Association of Banks in Singapore (ABS) in July 2017, Paynow enables users to send and receive money instantly, in real-time, using the customer’s mobile number, National Registration Identity Card (NRIC) number, Foreign Identification Number (FIN), or Unique Entity Number (UEN) .This enables transactions to be more convenient and secure as it eliminates the need for traditional bank account numbers. As at end 2022, PayNow had 7.6 million registered proxies, processed 311 million transactions, and facilitated a total transaction value of SGD123 billion. Real-time transactions in Singapore are projected to grow at a compound annual growth rate (CAGR) of 23.2% to reach 392.94 million by 2025.

In a Glance

How PayNow Works

PayNow utilizes the FAST network, which is Fast and Secure Transfers, for real-time interbank transfers. A user is required to first register his or her mobile number, NRIC/FIN number, or UEN with the bank before initiating a transfer with PayNow. Then they have to enter the recipient's mobile number, NRIC/FIN number, or UEN which is registered with PayNow, along with the amount to be transferred and a reference description to make a transfer.

The sender’s bank then verifies all the details and transfers the funds directly to the destination (receiver’s bank) through the FAST network instantly.

Step-by-Step Guide to Using PayNow

1. Registration: To register, the user has to link their mobile number, NRIC/FIN number, or UEN to the designated bank account through the online banking platform or mobile app of your bank.

2. Initiate Transfer: Sign into your bank's online banking or mobile app, and then select PayNow as the payment method. Then enter the recipient's PayNow registered mobile number, UEN, or NRIC/FIN to initiate the payment.

3. Enter Information: Specify the amount to be sent and include a reference description of the transaction.

4. Verification: Check recipient's information and confirm the transaction

5. Completion: The transfer is instant, and the parties receive a confirmation of the successful transaction.

Payment Flows

After the customer selects PayNow as their preferred payment method, the site should generate the PayNow QR code. The following screenshots demonstrate two flows: one using a desktop browser and one using a mobile browser. In both cases, once the QR code is visible, the customer must scan it to complete the payment.

  • Using a Desktop Browser
Desktop Flow

1. To scan the QR code, the customer logs into their bank app on their mobile phone.
2. The customer scans the code using their bank app.
3. The customer confirms the purchase using the bank app.
4. Once a webhook completion event is received, confirm the payment with the user.

  • Using a Mobile Browser
Mobile Flow



1. To scan the QR code, the customer takes a screenshot of the QR code and logs into their bank using their mobile phone.
2. The customer loads the QR code screenshot using their bank app.
3. The customer confirms the purchase using the bank app.
4. Once a webhook completion event is received, confirm the payment with the user.

Key Features of PayNow

Immediate Transfers: The PayNow feature enables real-time transfers, ensuring that the money is credited to the recipient's account without delay.

Streamlined Transactions: Users can easily link their mobile numbers, NRIC/FIN numbers, or UEN to their accounts instead of relying on lengthy bank account numbers for every transaction, simplifying the transaction process significantly.

Security: PayNow transactions are safe since the banks involved support various security measures by utilizing their current banking systems.

QR Code Payments: PayNow enables users to execute transfers by scanning a QR code provided by PayNow.

Connection with Government Services: PayNow connects with multiple government services, facilitating the effective distribution of funds like grants and rebates.

Benefits of PayNow

PayNow is a preferred option for digital payments in Singapore because it provides a host of advantages to both consumers and businesses.

Convenience

It eliminates the need to rely on lengthy bank account information by enabling customers to send money easily through mobile numbers, UENs, NRIC/FIN numbers. In peer-to-peer transfers, where users are likely to divide bills, pay for services, or send money as presents, this can be quite helpful.

Speed

Real-time transfers with PayNow ensure that the money is transferred to the recipient's account instantly. For time-sensitive activities, like urgent business transactions or emergency payments, this becomes essential.

Safety

By utilizing the current financial infrastructure, PayNow places a high priority on security, ensuring the transactions are safe and protected against fraud. Additionally, mobile numbers, NRIC/FIN numbers, and UENs are less likely to be error-prone as they add an extra layer of security on top of the bank account numbers.

Economical

PayNow transactions are free from any charges or fees for the end customers, making it a low-cost alternative to traditional payment options. Businesses can also benefit from PayNow’s lower transaction fees, particularly for large-volume transactions.

Enhanced Business Efficiency

PayNow offers businesses a simple and effective way to make payments. Features like PayNow Corporate and PayNow QR enables businesses to accept payments from clients seamlessly and securely. This effectiveness enhances cash flow management, cuts down on processing times, and lessens reliance on cash and checks.

Different Ways to Use PayNow

PayNow is one of the key reasons for the boom in the digital payment space in Singapore. This is because of its flexibility, which can apply to a range of use cases:

Peer-to-Peer Transfer: Using either a UEN number, an NRIC or FIN, or a mobile number, users send money to family and friends instantly and safely.

Bill Payment: Customers prefer to settle all their insurance policies, electricity bills, and the rest using PayNow.

e-Commerce Transactions: PayNow is a swift and secure form of online shoppers' payment towards their purchases.

Government Disbursements: The Government uses PayNow to disburse funds for diverse schemes and grants, thus being able to have timely and effective payments to the citizens.

PayNow Participating Banks

PayNow is supported by the majority of banks that are currently operating in Singapore. Here’s an exhaustive list of prominent participating banks

  • Bank of China
  • Citibank Singapore
  • DBS Bank/POSB
  • HSBC
  • ICBC
  • Maybank
  • OCBC Bank
  • Standard Chartered
  • United Overseas Bank
  • J P Morgan
  • State Bank of India
  • MariBank

These banks have integrated PayNow payment method into their online banking system, making it easier for their customers to pay using PayNow.

Cross border Transactions

Paynow & Promptpay

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.

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.

Paynow & UPI

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 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).

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, fast and safe.

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

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.

Payment Processors that Support PayNow

Most of the payment processors in Singapore support Paynow, enabling companies to quickly and easily adopt it in digital payment systems.Let us look at a few of them:-

  • Stripe: PayNow is supported by Stripe, one of the largest payment processing platforms. Stripe enables merchants to receive money through PayNow.
  • HitPay: Catering specifically to SMEs, HitPay integrates PayNow into its suite of payment solutions, simplifying payment acceptance for smaller businesses.
  • Adyen: A global payment company that supports PayNow among various other payment methods.
  • Xendit: A prominent payment processor in Indonesia, Philippines and Singapore. Xendit supports a wide range of payment methods, including credit cards, bank transfers, e-wallets, PayNow and more
  • Airwallex: Airwallex is a global payment processor that helps businesses of all sizes operate internationally. They offer a range of payment methods aimed to simplify cross-border payments and financial operations, including PayNow.
  • Tazapay: An international payment gateway that enables merchants to accept PayNow as a local payment option, facilitating transactions in Singapore.

Conclusion

PayNow has made life easier in terms of digital payments in Singapore both for consumers and businesses. It is seamless, secure, as well as cost-effective for any kind of transaction. Taking into consideration its real-time transfer capacity, streamlined process, as well as wide adoption, this development has now become an integral part of Singapore's digital payment ecosystem. And with its further expansion, it is going to be truly significant for the development of digital payments in the region.

FAQs about Paynow


1. Can I share the PayNow transfer details with my payees?

Yes, you can share the transfer receipt with your payee by tapping the share icon on the top right.

2. Is there a limit amount I can send through PayNow?

You can send up to S$200,000 per transaction, capped at your daily 3rd party transfer limit, whichever is lower.

3. Can I register with more than one participating bank?

Funds recipient - You can only link one bank account to each of your NRIC and mobile number. The bank accounts do not need to be with the same bank.

Paying party - You do not need to be registered for PayNow to send money from your bank accounts. Only the funds recipient needs to be PayNow registered.

4. What happens if I accidentally send a payment to the wrong mobile number

Every time you send money using PayNow, you will be asked to verify the nickname selected by the recipient to be associated with his/her bank account and the NRIC or mobile number of the recipient before confirming the payment instruction. If you are in any doubt that you are paying the correct person, you should not confirm the payment instruction.

If you have transferred funds to an unintended recipient, please contact the bank immediately for assistance. The bank will need to investigate the matter and follow up with the recipient's bank to return the funds.