Ever had to split a dinner bill with friends, and someone says, “Just PayNow me!” Or maybe you have been at a hawker’s stall about to pay, and the seller points to a QR code saying that they accept PayNow. It may sound like a fancy feature, but it’s really simple. PayNow lets you transfer money in seconds using just a phone number or ID. If you have ever found yourself wondering what exactly PayNow is and how it works, this guide is for you. Read this blog to learn how PayNow is changing modern consumer habits and making everyday payments easier in Singapore today.
What is PayNow?
So what exactly is PayNow? Let us understand the term first.
PayNow is a service that lets you send or receive money using a mobile number, NRIC or business registration number. That means no more needing someone’s full bank account details to pay them. It is instant, secure and very simple to use. It works for personal use, small businesses and even large organisations. Many people in Singapore now use it every day. Whether paying a friend back or transferring money to a small shop, PayNow gets it done fast. It is super easy and available in most banking apps.
Let us also understand PayNow a little better with some useful facts and figures about how widely it is being used:
- PayNow is a real-time payment system launched in Singapore in 2017.
- It lets you send and receive money instantly using a mobile number, NRIC, FIN or UEN.
- You don’t need someone’s bank account number to transfer money— just one of those IDs.
- By the end of 2022, PayNow had over 7.6 million users and handled 311 million transactions.
- The total value of PayNow transfers in 2022 was about SGD 123 billion, and usage is still growing fast.
How Does PayNow Work: A Step-by-Step Guide
Let us now get into how Paynow actually works behind the scenes. It works using something called the FAST network— short form for fast and secure transfers. To use it, you first link your mobile number, NRIC, FIN or UEN with your bank. Once that is done, all it takes is entering the receiver’s registered ID, adding the amount and confirming the payment. Your bank quickly checks everything and transfers the money within seconds.
Let us walk you through each step in detail to see how it all comes together:
Step 1: Register – Link your mobile number, NRIC/FIN or UEN to your bank account using your bank’s mobile app or website.
Step 2: Open app – Log in to your bank’s mobile or online banking and choose PayNow.
Step 3: Enter details – Enter the recipient’s registered PayNow ID and the amount.
Step 4: Send – Hit send, and the money is transferred instantly.
Why are Consumers Choosing PayNow: Benefits
Till now, you know that PayNow is a simple and powerful tool that helps people in businesses send and receive money easily. It is fast, safe and works with most local banks. But even better, it supports QR code payments and connects with government services for things like grants or rebates.
Here are the key benefits of PayNow that make it stand out:
Convenience
PayNow removes the hassle of entering long bank account numbers. Instead, it allows you just to input a mobile number or ID. This makes day-to-day transactions quick and stress-free.
Speed
PayNow enables payments with funds transferred instantly between two accounts. PayNow processes payments immediately, making it ideal for fast-paced business deals, emergencies or just quick personal transactions.
Safety
With PayNow, security is built in. Instead of entering complex account numbers, you use unique identities like mobile numbers or NRIC. This lowers the chances of sending money to the wrong person. The process is encrypted and verified to protect both the sender and the receiver from potential fraud.
Economical
PayNow makes sending money affordable. There are no fees for individual users, and even for businesses, transaction costs are minimal. It is a great option for startups, small businesses and anyone who wants a low-cost way to move money, fast and securely, without spending extra.
Efficiency
Businesses benefit big with PayNow. Accepting payments through PayNow Corporate, or scanning a QR code, and collecting money is simple and instant. It removes the need for manual bank details or paper checks, speeds up cash flow, and cuts down the time spent waiting for payments to clear.
Banks That Support PayNow: A List
The majority of banks in Singapore support PayNow. Here is a list of some of the prominent participating banks:
- Bank of China
- Citibank Singapore
- DBS bank
- ICBC
- HSBC
- OCBC bank
- May Bank
- Standard Charted
- United Overseas Bank
- State Bank of India
- JP Morgan
- MariBank
Payment Processors That Support PayNow
With the growing demand for cashless payments, most payment processors in Singapore have added Paynow support. Let us take a look at some of the key providers.
| Payment Processor | What It Does | How It Supports PayNow |
| Stripe | A popular global platform for online payments. | Let businesses receive money through PayNow directly. |
| HitPay | A payment solution made for small businesses. | Offers easy PayNow integration for SMEs in Singapore. |
| Adyen | A large international payment company. | Includes PayNow as one of its many payment options. |
| Xendit | A payment platform used in Southeast Asia. | Supports PayNow along with cards, transfers, and e-wallets. |
| Airwallex | A global payment company for businesses. | Helps companies accept PayNow for local payments in Singapore. |
| Tazapay | A worldwide payment gateway. | Let’s merchants use PayNow for customer payments in Singapore. |
What the Future Looks Like for PayNow
PayNow has already changed the way people in Singapore make payments. It is safe, convenient and free for most users. As more people get comfortable with digital payments, Paynow’s role will only grow stronger. In the near future, more services and countries might start adopting similar systems inspired by Paynow’s success. With Singapore moving towards becoming a cashless society, Paynow is set to become one of the most important tools in digital payments.
