The Association of Banks in Singapore (ABS) has unveiled a new peer-to-peer funds transfer service that allows interbank transfers using mobile phone numbers.

The new service, dubbed PayNow, eliminates the need for consumers to know the bank account number of the recipient when making the transfer. It will enable sender to transfer funds through FAST (Fast and Secure Transfers), using just recipient’s mobile number or NRIC/FIN, almost instantly.

To receive funds using PayNow, users will have to link their mobile and NRIC numbers to their accounts, either on the bank’s website or through its mobile app.

The service will go live on 10 July 2017 and will available to customers’ of the participating banks – Citibank, DBS, HSBC, Maybank, OCBC Bank, Standard Chartered Bank and UOB.

These seven banks account for nearly 90% of retail banking volume between them in Singapore.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.