PayNow FAQs

What is PayNow
PayNow is a peer-to-peer funds transfer service available to retail customers of nine participating banks in Singapore – Bank of China, Citibank Singapore Limited, DBS Bank/POSB, HSBC, Industrial and Commercial Bank of China Limited, Maybank, OCBC Bank, Standard Chartered Bank, and UOB.
PayNow offers an enhanced funds transfer experience that enables retail customers of the nine participating banks to send and receive Singapore Dollar funds from one bank to another in Singapore through FAST¹ by using just their mobile number or Singapore NRIC/FIN, instantly. The sender no longer needs to know the recipient’s bank and account number when transferring money via PayNow.
PayNow, launched on 10 July 2017 is provided free to retail customers and is available 24/7, 365 days.

PayNow QR
The option of scanning a QR code to make payments is available. Entities and consumers can now make PayNow transfers by scanning the PayNow QR code using the existing mobile banking applications of the participating banks.
The PayNow QR code will be integrated with the Singapore Quick Response (SGQR) Code when it is launched later this year.

Security
PayNow for Entities is a secure funds transfer service.

1. It adopts the same high security standards established by the banking industry in Singapore for funds transfer including FAST.
2. For recipients who register to receive PayNow transfers, the sender will be able to see the recipient’s name before confirming the transfer.

This confirmation provides added assurance to the sender that money is being sent to the intended recipient.
For Entities transferring funds, a confirmation process is also available.

¹FAST (Fast And Secure Transfers) was launched in March 2014 – an electronic funds transfer service that enables
customers of 19 participating banks to transfer Singapore Dollar funds from one bank to another almost instantly.
The customer enters the recipient’s bank account number and the amount, and the funds are credited.

How to use PayNow

A. To access PayNow customers should use the participating bank’s existing Internet banking platform or mobile banking app.

Change of Mobile Numbers
Customers should immediately report any change in mobile numbers to their bank. Upon notification, the bank will automatically de-link the old mobile number from your bank account. Customers should then re-register the new mobile number with PayNow. If you do not do so, you will not be able to receive money via PayNow.

1. Log in to your bank’s existing Internet banking platform or mobile banking app.
2. Scan the QR code using your bank’s app.
3. Verify the name of the recipient.
4. Enter the amount to pay if it’s not generated, then confirm the transfer.

Do remember to take note of your transaction reference number to confirm your payment with us.

Prior to performing a PayNow transfer, you should check whether the PayNow Proxy you are sending funds to belongs to your intended payee. During the PayNow transfer process, once you enter the PayNow Proxy that you wish to pay, a lookup will be performed and the PayNow Nickname associated with the Proxy will be displayed. You should check whether the displayed Nickname belongs to the person to whom you are transferring funds.

The status of your transfer will be displayed via your bank’s existing Internet banking platform or mobile banking app. If you are transferring money, you do not need to register with PayNow. Although it is not possible to transfer money via PayNow without logging into your bank’s Internet banking platform or mobile banking app. You should, as a precaution, contact your bank and mobile service provider immediately to report a lost or stolen mobile phone.

Erroneous Transfers
In order to avoid erroneous PayNow transfers to the wrong mobile number or NRIC/FIN, please check the recipient’s name to ensure that it is correct before confirming the transfer.

However, if you have transferred money to an unintended recipient –
1. Call the mobile number that was used to send money to, and inform the unintended recipient of the erroneous transfer and request a return of the funds.
Under Section 403 of the Penal Code², it is a criminal offence to use money that does not belong to you.
2. Call your bank if there is no response from the unintended recipient.

If you have received money and do not know where it came from,
– Call your bank to authorise them to return the money to the sender.
Under Section 403 of the Penal Code, it is a criminal offence to use money that does not belong to you.

²Extract of Section 403 of The Penal Code Criminal misappropriation of property

Dishonest misappropriation of property

403. Whoever dishonestly misappropriates or converts to his own use movable property,
shall be punished with imprisonment for a term which may extend to 2 years, or with fine, or with both.