Payment Collections & Settlements
Global Payment Collection
Global Payouts
Ledgers
PayNow is a peer-to-peer fund transfer service that enables all users of the participating banks and NFIs to settle funds via their bank accounts or e-wallets to another via Virtual Payment Address, mobile number, or Singapore NRIC/FIN instantly.
The underlying technology behind PayNow is FAST, which enables 24X7 near real-time transactions. This enables the sender to simply load money into another’s wallet/bank account without knowing the provider of their wallet or issuing bank.
PayNow can also be used by corporate businesses, government agencies, societies, and others, that are termed “entities.” This enables entities in Singapore to instantly pay and get paid in Singapore Dollar funds by simply linking their Unique Entity Number (UEN) to their Singapore bank account. The best part, this service is available 365 days a year without any limitations.
PayNow enables almost immediate receipt of money
Make payments via mobile number or VPA rather than complex account details to undertake a transaction
Access the flexibility of the payee or the payer being a merchant or consumer while making transactions
Generate a unique QR code for each transaction to ensure seamless reconciliation at the transaction level and reduce operational overheads
Access multiple payment options, including offline QR and online QR codes across static or dynamic, and pay to a mobile, VPA, UEN, or NRIC linked to PayNow
Ensure lower rejection of transactions due to limits at a transaction or account level that cater to most consumer and even business use cases
Extended access to networks like UPI to ensure coverage outside Singapore
Access static or dynamic PayNow QR codes in offline stores to help merchants accept transactions through PayNow with minimal hassles.
Conduct online transactions, especially those catering to business purchases via PayNow, due to the higher limits offered by PayNow.
As a lender, accept payments through PayNow as a means for the borrowers due to its widespread usage.
Facilitate transactions from other geographies with minimal hassles using PayNow.
Avoid transaction errors by using PayNow through mobile number, VPA to pay vendors, partners, agents, etc
Why Decentro’s APIs for PayNow?
Fully flexible API or dashboard based flow for collections and payments.
Improved Reconciliation by letting Debits and Credits flow into a customer's Virtual account.
Instantaneous intimation through callbacks for every transaction including collections and payments
Create dynamic QR codes for each transaction for customer to pay to you or your partner
Unlimited rollover of unused API hits with multiple banking partners
Real-time monitoring of transactions on Decentro’s dashboard
PayNow offers an enhanced funds transfer experience that enables retail customers of the participating banks and NFIs to send and receive Singapore Dollar funds from one bank or e-wallet account to another in Singapore through FAST by using just their mobile number, Singapore NRIC/FIN or Virtual Payment Address (VPA), instantly. The sender no longer needs to know the recipient’s bank/e-wallet provider and account number when transferring money via PayNow.
To set up PayNow, you will need an eligible bank account from any supported provider. You’ll then need to register for PayNow by linking your mobile number, National Registration Identity Card (NRIC) number and Foreign Identification Number (FIN) to your account. Once you’re registered, you can make a payment by logging into your banking system online or on your smartphone. The exact steps may vary a little depending on who you bank with, but the process will be broadly the same :
Log into online or mobile banking and select PayNow
Look for Transfer and then tap the type of payment - to a mobile, NRIC, for example
Tap Start transfer and follow the prompts to enter the recipient details - like a phone number or NRIC/FIN number
Add the amount you want to transfer - you may also need to confirm the payment method by clicking the correct linked account
Enter a reference or message to the recipient
Check over confirm, and your money will be transferred instantly
PayNow is only available for participating banks in Singapore.
India and Singapore have linked their respective digital payment systems, Unifies Payments Interface[UPI] and PayNow, respectively. This linkage will enable those living in India to send money to people living in Singapore quickly. Currently, Indians can transfer up to SDG 1,000 (around Rs 62,000) a day, as per RBI.
PayNow is supported by most of the major banks operating in Singapore, including:
Bank of China
Citibank Singapore
DBS Bank/POSB
HSBC
ICBC
Maybank
OCBC Bank
Standard Chartered
United Overseas Bank
Fast and Secure Transfers (FAST)
Transfer funds instantly and securely in Singapore, from one participating bank to another with FAST
