Most Singaporean online users want to have a payment option where they don’t have to give a list of details to the transfer service agency. For all those who put convenience before everything else, PayNow is the most suitable option.
It’s hassle-free, and we’ll tell you why. PayNow allows users to transfer money to anyone in Singapore with the help of the recipient’s mobile number, national registration identity card (NRIC), or foreign identification number (FIN).
PayNow has signed working partnerships with several banks, allowing you to send money to recipients who are customers of the participating banks. Users can access the bank’s online platform or mobile phone app.
After the registration process, users can enter a person’s NRIC/FIN or mobile phone number in the PayNow service. Once the payment is okayed, the recipient will receive a notification. They can accept the transfer and receive the payment. This process is completely hassle-free and helps you complete your transactions in the shortest time possible. This method is the favorite in online transactions as it allows users to transfer money without worry.
What Is The Procedure For Sending Money Via PayNow?
If you’re new to this payment method, here’s a short guide to help you make the transaction easily. The first two requirements you should follow are: you must have a bank account in the participating bank and be registered with PayNow.
Now, here are certain steps you should follow to complete the transaction:
- Log in to your bank’s online platform or mobile phone app.
- In the menu or the list of services, go to the PayNow tab.
- Select it for the money transfer.
- Enter the NRIC/FIN or mobile number of the recipient.
- Enter the number of funds you want to transfer.
- Review the details.
- Confirm it and complete the transfer.
The recipient will receive a notification and can accept the transfer.
Some Details About NRIC And FIN
We’ve already mentioned that you can use a recipient’s NRIC or FIN to transfer the funds. But what are these two important modes of identification? Here’s a short explainer for you:
The Immigration and Checkpoints Authority (ICA) in Singapore issues identification cards known as National Registration Identity Cards (NRICs). It is a card with the holder’s picture, signature, and personal data such as name, birth date, and identity card number. Singapore nationals and permanent residents are given NRICs, which can be used for several things, including identity, residency proof, and travel throughout Malaysia.
FIN, on the other, stands for Foreign Identification Number. It is a special identification number given to foreign nationals residing in Singapore. Foreign employees, students, and non-Singaporeans who reside in Singapore permanently or for the long term are given FINs. Regarding identification and other uses, the FIN is widely used across Singapore.
PayNow Charges
When you make payments through any transfer service agency, you also pay extra charges. PayNow, however, has a different schedule of charges. Customers of Singapore’s partnering banks can use the service without any charges.
PayNow doesn’t impose fees or additional charges while sending money within Singapore. However, certain banks may impose fees to allow their customers to use such services. It’d be better if you spoke with your bank and learned about their fee structure.
It would help if you remembered that PayNow is convenient for intra-country transactions. You’ll have to use other services if you intend to make international transactions.
PayNow Support
Online payments and other transactions can get overwhelming. What happens when the payment doesn’t get through, or you don’t receive an OTP (one-time password)? There are other issues as well. Imagine receiving a notification that your account has been debited only to find that the transaction was never completed. All such cases make it important for a service provider to have a dedicated support team.
When it comes to PayNow, there are some tricky parts you need to know. Your bank provides this transfer service. So, if you need any help, it all depends on your bank’s customer service. It’s better to call your bank if you have any questions regarding using the service.
If you can’t get an adequate answer to your question from your bank, you can contact the PayNow support team. You can send all your queries to info@paynow.com.sg.
PayNow Competitors
Multiple money transfer services are operating across Singapore and providing services to their dedicated customers. They include:
- interbank GIRO (IBG)
- telegraphic transfer (TT)
- Demand Draft (DD)
- Fast (also known as FAST)
Money transfers through these services are done through mobile or online banking or a bank branch. Which transfer service is good for you depends on various factors. You’ll have to compare the services and facilities of different services to see which is the most suitable. It would be best if you considered the following factors before choosing the transfer service for yourself:
- The transfer’s speed.
- The service’s availability.
- The fees.
- Security measures.
Do Online Casinos Accept PayNow?
Online casinos won’t accept PayNow for transfers. It is because Singapore doesn’t allow online casinos unless exempted. And since PayNow works with Singaporean banks, this method has fewer chances to work on such gambling sites. PayNow will not work in this case.
What Are The Advantages Of PayNow?
For those who haven’t made up their mind about registering with PayNow, this section is for you. Here are some benefits of choosing this service for your online payment needs.
Convenience
Online users love services that offer convenience. With PayNow, you don’t have to go into the details of the recipient’s bank account numbers, etc. All you need is the recipient’s FIN or NRIC to make the transfer. Imagine you’re out on a dinner with your friends, and someone from the group has cleared the bill. This payment method is great for settling your outstanding amount in the quickest way possible.
Security
One thing that people are most fearful about is online security. The internet is riddled with stories of financial scams and fraud. With PayNow, you can keep your worries at rest. With bank transfers, any mistake can cost you a lot as you send the money to someone else. PayNow displays the recipient’s name right before the transfer, giving you ample time to check if the payee information is correct. This level of security is quite important in today’s world, where banks require weeks to retrieve the money.
Faster Transfer
If you are to receive funds from government agencies and businesses, PayNow can be a great option. It’s a registered service with multiple participating banks. And transactions involving the government, registered businesses, or other financial institutions are easily done through the service. PayNow follows strict rules, which means that a competent authority regulates its business operations. Not only is your money safe, but you also make all transactions lawfully. What else do you want?
Conclusion
There are so many money transfer services across Singapore. PayNow is one of them. But with its smart features and facilities, it has made a name for itself among people. If you want to have a reliable service, PayNow is the perfect option for you. It uses the latest technology to make transfers seamless and convenient. These are the reasons it enjoys great popularity among Singaporeans.
