PayNow is a Singaporean instant bank transfer service with a mobile front-end. It allows customers to instantly transfer money to mobile or NRIC (national registration identity card) number.
Customers register once with PayNow by linking their mobile and NRIC numbers to their bank account. As at August 2019, nine banks were participating in the service. To make a transfer, customers of those banks log on to mobile or internet banking, select PayNow, enter the recipient’s ID and confirm the transaction details.
The funds are sent instantly using Singapore’s real-time payments system, FAST (Fast And Secure Transfers).
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