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April 14, 2020

OCBC Bank debuts Google Pay’s P2P funds transfer service in Singapore

OCBC Bank has launched Google Pay’s peer-to-peer (P2P) funds transfer service in Singapore as the adoption rate of digital payments solutions continue to surge in the country.

The service was previously available only in the US and India.

The new service will allow the bank’s customers to pay directly from their bank accounts using the Google Pay app to anyone registered to PayNow.

PayNow is a P2P fund transfer service rolled out by the Association of Banks in Singapore (ABS) in July 2017.

Using the Google Pay P2P service, the bank’s customers can transfer a maximum of S$1,000 per day.

OCBC Bank head of global wealth management and consumer banking Ching Wei Hong said: “With this partnership with Google Pay, OCBC customers can choose to pay their friends using Google Pay in addition to OCBC Pay Anyone with their linked OCBC Bank accounts.

“This is a testament to our partnership-driven strategy that has led us to develop a wide suite of payment solutions. Singaporeans continue to significantly increase their use of PayNow, with more than 70 million transactions worth S$12.16bn in 2019.”

Google Pay is a digital wallet platform and online payments system developed by tech giant Google.

Google vice president of payments Caesar Sengupta said: “It was a pleasure working with the team to design and build Google Pay for Singapore so customers can provision their OCBC Bank accounts and leverage the national rails – via PayNow – for transactions.”

OCBC Bank first teamed up with Google in November 2019 to integrate Google Pay services with PayNow.

The new service is in addition to facilitating credit cards on the Google Pay app to carry out online and in-store transactions.

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