PayNow

PayNow

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; 6 years ago (2017-07-10)
Markets	Singapore International by cross border payment agreements
Website	www.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

^ ^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.

Banking in Singapore

Local banks

Foreign banks

Qualifying full banks	Bank of China BNP Paribas Citibank Singapore HSBC ICICI Bank Industrial and Commercial Bank of China Maybank Standard Chartered State Bank of India
Full banks	Bangkok Bank Bank Negara Indonesia Bank of America Bank of East Asia Bank of India CIMB Bank Citibank Crédit Agricole Corporate and Investment Bank Hong Leong Bank Indian Bank Indian Overseas Bank JPMorgan Chase Mizuho Bank RHB Bank Sumitomo Mitsui Banking Corporation MUFG Bank UCO Bank
Wholesale banks	ABN AMRO Agricultural Bank of China Banco Bilbao Vizcaya Argentaria Banco Santander Bank Julius Baer Bank of Communications Barclays BNP Paribas Byline Bank China CITIC Bank China Construction Bank Chinatrust Commercial Bank Commerzbank Commonwealth Bank Crédit Industriel et Commercial Credit Suisse Deutsche Bank DnB NORD DZ Bank Emirates NBD First Gulf Bank Habib Bank HSBC Private Bank (Suisse) ING Bank KBC Bank Korea Exchange Bank Landesbank Baden-Württemberg Macquarie Bank Mega International Commercial Bank Morgan Stanley National Australia Bank National Bank of Kuwait Natixis Norddeutsche Landesbank Northern Trust Portigon Qatar National Bank Rabobank Royal Bank of Scotland Scotiabank Société Générale Société Générale Bank & Trust State Street Bank and Trust Company UBS UniCredit VTB Capital Wells Fargo Westpac
Offshore banks	Arab Bank Bank Hapoalim Bank Mandiri Bank of Baroda Bank of Taiwan Bank Sarasin & CIE BNY Mellon Canadian Imperial Bank of Commerce Chang Hwa Commercial Bank Clearstream Crédit Agricole Hana Bank Hang Seng Bank HSH Nordbank Hua Nan Commercial Bank Korea Development Bank Krung Thai Bank Land Bank of Taiwan Lloyds Bank Mitsubishi UFJ Trust and Banking Corporation Nordea Bank Finland Norinchukin Bank Philippine National Bank Raiffeisen Bank International Royal Bank of Canada Shinhan Bank Siam Commercial Bank Skandinaviska Enskilda Banken Standard Bank Sumitomo Mitsui Trust Bank Svenska Handelsbanken TD Bank Group Union de Banques Arabes et Francaises Woori Bank

Interbank networks
and payment systems

¹ Subsidiary of OCBC Bank.
² Operates under UOB's brand name.
³ Subsidiary of DBS Bank.

This page was last edited on 28 March 2024, at 20:18

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References