Last Updated on 9 January 2023 by Nicholas Lim
PayNow is a fund transfer service in Singapore that allows individuals to transfer money using just the recipient’s mobile number or NRIC/FIN. It is a convenient way to transfer money to anyone in Singapore, even if you do not have their bank account details. PayNow is available to customers of participating banks in Singapore, and can be accessed through the bank’s mobile banking app or online banking platform. To use PayNow, both the sender and recipient must be registered for the service with a participating bank.
Once registered, the sender can transfer money to the recipient by entering their mobile number or NRIC/FIN into the Pay Now service. The recipient will receive a notification and can then receive the funds by accepting the transfer through their bank’s mobile banking app or online banking platform.
HOW CAN I SEND MONEY TO PAYNOW?
To send money through PayNow, you will need to have a bank account with a participating bank in Singapore and be registered for PayNow.
Here’s a general outline of the steps to send money through PayNow:
- Log in to your bank’s mobile banking app or online banking platform.
- Find the PayNow option in the menu or in the list of services.
- Select the option to send money.
- Enter the recipient’s mobile number or NRIC/FIN.
- Enter the amount of money you want to send.
- Review and confirm the details of the transfer.
- Complete the transfer by following the prompts.
Once the transfer is complete, the recipient will receive a notification and can accept the transfer through their bank’s mobile banking app or online banking platform.
WHAT IS NRIC/FIN ?
NRIC stands for National Registration Identity Card and is a identification document issued by the Immigration and Checkpoints Authority (ICA) in Singapore. It is a plastic card that contains the holder’s photograph, signature, and personal information such as name, date of birth, and identity card number. NRICs are issued to Singapore citizens and permanent residents, and are used for various purposes including identification, proof of residence, and as a travel document within Malaysia.
FIN, on the other hand, stands for Foreign Identification Number and is a unique identification number assigned to non-Singaporeans who are living in Singapore. FINs are issued to foreign workers, students, and other non-Singaporeans who are living in Singapore on a long-term basis. The FIN is used in place of a NRIC for identification and other purposes.
NRIC/FIN is often used to refer to either an NRIC or FIN, depending on the context. In the context of PayNow, NRIC/FIN refers to either an NRIC or FIN, and can be used as an identifier to receive money through PayNow.
WHAT ARE THE FEES PAYNOW CHARGE?
PayNow is a free service for customers of participating banks in Singapore. There are no fees charged by PayNow for transferring money within Singapore. However, some banks may charge their own fees for using Pay Now or for other related services, such as mobile banking or online banking. It’s a good idea to check with your bank to understand any fees that may be applicable.
It’s worth noting that Pay Now is a domestic fund transfer service, which means it is only for transferring money within Singapore. If you want to send money internationally, you will need to use a different service, such as a money transfer service or wire transfer, which may have different fees and charges.
SUPPORT
PayNow is a fund transfer service provided by the participating banks in Singapore, so the level of support you receive will depend on the bank you are using. It is generally a good idea to contact your bank’s customer service if you have any questions or issues with using Pay Now or any other banking services. Your bank should be able to provide assistance and resolve any issues you may have.
If you have a specific issue with PayNow that you are unable to resolve with your bank, you can also contact the PayNow Support Team at info@paynow.com.sg. The PayNow Support Team should be able to help you with any issues related to the PayNow service.
Paynow competitors
There are several other fund transfer services in Singapore that are similar to PayNow, including:
- Fast (also known as FAST)
- telegraphic transfer (TT)
- interbank GIRO (IBG)
- Demand Draft (DD)
These services allow individuals to transfer money within Singapore or internationally, using various methods such as online banking, mobile banking, or through a bank branch. Some of these services may also be available for use with participating banks in Singapore, while others may have different requirements or fees.
It’s a good idea to compare the features and fees of different fund transfer services to determine which one is the most suitable for your needs. Some factors to consider may include the speed of the transfer, the availability of the service, the fees charged, and the security measures in place to protect your transactions.
WHICH ONLINE CASINOS ACCEPT PAYNOW?
It is generally not legal to operate online casinos in Singapore, and it is also not legal for individuals in Singapore to participate in online gambling. As a result, it is unlikely that any online casinos will accept PayNow or any other payment methods from individuals in Singapore.