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.
![]() | |
Product type | Instant real-time inter-bank payment system |
---|---|
Owner | Association of Banks in Singapore |
Produced by | Association of Banks in Singapore |
Country | Singapore |
Introduced | 10 July 2017 |
Markets |
|
Website | www |
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
edit- ^ a b "PayNow Singapore". The Association of Banks in Singapore. Archived from the original on 7 December 2023.
- ^ Ng, Kelly (21 April 2022). "Singapore-based Stripe users can now accept payments via PayNow". The Business Times. Archived from the original on 22 February 2024. Retrieved 19 August 2022.
- ^ Ganapathy, Kurt (27 September 2021). "Singapore's PayNow to be linked with Malaysia's DuitNow in phases from 2022". CNA. Archived from the original on 28 December 2023.
- ^ "Initiative: BoT and MAS's PromptPay-PayNow link". Central Banking. 31 March 2022. Archived from the original on 2 December 2023.
- ^ Ang, Prisca (14 September 2021). "PayNow to link with India's UPI for instant, low-cost fund transfers". The Straits Times. Archived from the original on 24 February 2023.
- ^ Yong, Clement (4 October 2021). "PayNow transactions doubled to $22 billion in 2020, on track to set higher record this year". The Straits Times. Archived from the original on 3 December 2022.