What does paynow payment mean?

PayNow payment is an electronic transfer service. Users can directly initiate real-time new transactions to the payee through the mobile phone number, ID card/FIN number, UEN number or PayNow QR code specified by the payee. currency transfer without requiring the other party’s bank account information.

The operating environment of this tutorial: IOS15 system, PayNow 16.3.22, iphone12 mobile phone.

What is PayNow? Bank electronic transfer services. It is also known as Singapore’s “Alipay”. The seven banks are DBS Bank/Singapore Bank, OCBC Bank, United Overseas Bank, Standard Chartered Bank, HSBC, Citibank and Maybank. When transferring money, use the mobile phone number, ID card/FIN number, UEN number or PayNow QR code specified by the payee to directly initiate a real-time transfer of new currency to the payee without requiring the other party's bank account information. The single transaction limit for Singapore currency transfers through PayNow will be limited to the single transaction limit for local transfers from other banks.

If the payee wants to receive money through PayNow, he/she must have a bank account belonging to a PayNow participating bank, and must register his/her mobile phone number or ID/FIN number with the bank as a PayNow identifier.

PayNow has also launched PayNow Corporate, the enterprise version. Merchants, enterprises and government agencies using PayNow Corporate can connect the registered Unique Entity Number (UEN) with their bank accounts for immediate transfers between enterprises, enterprises and customers or employees.

Why use PayNow

1. No need to obtain bank account details. Your recipient's mobile phone number or Singapore New Identification Number NRIC/FIN or Single Institutional Identification Number (UEN) will suffice. 2. PayNow is built on the same high security standards as FAST, making transfers convenient and safe.

3. PayNow transaction service time is 7*24 hours. Transfers can be made at any time and the funds are received immediately.

4. Government agencies and businesses pay quickly. With PayNow, you can transfer money instantly anytime, anywhere.

But it is not perfect. To use PayNow, you need to log in to the mobile banking APP, and the payee must activate the Pay Now function.

How to register for PayNow

You can download the mobile client of the bank where your personal bank card belongs to register or log in to the official website with a computer to register. Taking DBS as an example, the official website provides three registration methods: text message (SMS), mobile phone and computer. Mobile version registration method:

Computer version registration method:

How to use PayNow?

Step 1. Log in to a commonly used online banking or mobile banking app; Step 2. Enter the recipient’s mobile phone number, NRIC/FIN or UEN and enter the transfer Amount;

Step 3. Confirm the name of the payee and the transfer amount.

Step 1. Log in to your commonly used online banking or mobile banking app;

Step 2. Bind your mobile phone number or NRIC/FIN bank account;

Step 3. Enter your username, and then others can transfer money to you through your mobile phone number.

For more related knowledge, please visit the

FAQ column!

The above is the detailed content of What does paynow payment mean?. For more information, please follow other related articles on the PHP Chinese website!