Banking News

PayNow platform available from nine banks and soon to become B2B and B2C

PayNow platform available from nine banks and soon to become B2B and B2C

(10 April 2018 – Singapore) PayNow, the free peer-to-peer funds transfer system has signed up two more banks bringing the total of banks using the service to nine and will soon be available to corporates.

PayNow allows customers of participating banks to send and receive Singapore dollar funds from one bank to another through FAST using just their mobile number of Singapore NRIC/FIN, almost instantly.

Businesses will also able to use the service to transfer funds to other businesses and receive payment from customers. The government is expected to roll out PayNow Corporate this year.

The banks currently offering the system are Bank of China, Citibank Singapore, DBS/POSB, HSBC, ICBC, Maybank, OCBC, Standard Chartered and UOB.

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