What Is PayNow?

Bank Transfer

PayNow is Singapore's national peer-to-peer and peer-to-merchant real-time payment system. It enables instant fund transfers between bank accounts using a mobile number, NRIC/FIN, or UEN (business registration number) as a proxy identifier, available 24/7.

How It Works

1. **Initiation**: The payer opens their banking app and selects PayNow transfer. They enter the recipient's mobile number, NRIC/FIN, or UEN. 2. **Lookup**: The system queries the PayNow central directory to identify the recipient's bank and account. 3. **Confirmation**: The payer confirms the recipient's name (displayed for verification) and the transfer amount. 4. **Processing**: The payment is routed through Singapore's FAST infrastructure for real-time clearing and settlement. 5. **Credit**: The recipient's bank account is credited instantly, and both parties receive confirmation.

Key Details

Processing Time

Instant (seconds)

Typical Fees

Free for individuals; SGD 0-0.25 for businesses

Limits

Bank-dependent (typically SGD 200,000/day)

Supported Countries

1 countries

Real-timeRecurringCross-border

Pros & Cons

Pros

Instant settlement — funds arrive in seconds, 24/7/365, enabling immediate order fulfillment.
Very low cost — free for individuals and minimal fees for businesses, significantly cheaper than card processing.
Universal bank participation — all major Singapore banks support PayNow, reaching virtually every bank account holder.
QR code integration via SGQR makes it simple for both online and in-store merchants to accept payments.
Cross-border linkages with Thailand and India expand PayNow beyond Singapore for regional commerce.

Cons

Singapore-only — primarily useful for merchants with Singaporean customers, though cross-border linkages are expanding.
No native recurring payment capability — each payment must be manually initiated by the consumer.
Transaction limits vary by bank, which can be confusing for merchants and consumers.
Requires a Singapore bank account — consumers must have an account at a participating Singapore bank.
QR code payments may not be as seamless as one-click card payments for online checkout.

Use Cases

E-commerce in Singapore — online merchants offer PayNow to reduce card processing fees while maintaining instant confirmation.
Food and retail — restaurants and shops use PayNow QR codes for contactless payments at the point of sale.
B2B payments — businesses use PayNow Corporate for instant invoice settlements with zero or minimal fees.
Government payments — Singapore government agencies accept PayNow for fees, fines, and tax payments.
Freelancer and gig economy — instant PayNow transfers are used for paying contractors and service providers.

PayNow is a real-time fund transfer service in Singapore that allows individuals and businesses to send and receive money instantly using just a mobile number, National Registration Identity Card (NRIC) number, Foreign Identification Number (FIN), or Unique Entity Number (UEN) for businesses. Launched in July 2017 by the Association of Banks in Singapore (ABS), PayNow is built on top of Singapore's FAST (Fast And Secure Transfers) infrastructure and is supported by all major banks in the country.

## What Is PayNow?

PayNow simplifies bank transfers by replacing the need for bank account numbers and bank codes with simple proxy identifiers. A consumer links their mobile number or NRIC to their bank account through their banking app, and anyone who knows their mobile number can send them money instantly. For businesses, PayNow Corporate (launched in 2018) allows companies to link their UEN to receive payments, enabling instant B2C and B2B transactions.

PayNow is integrated into the internet and mobile banking platforms of all nine participating banks in Singapore, including DBS, OCBC, UOB, Standard Chartered, Citibank, HSBC, Maybank, Bank of China, and ICBC. This universal participation means virtually every bank account holder in Singapore can use PayNow.

## How PayNow Works

When a payer initiates a PayNow transfer, they enter the recipient's mobile number, NRIC/FIN, or UEN in their banking app. The system looks up the proxy in the central PayNow directory (maintained by the ABS) to identify the recipient's bank and account. The transfer is then routed through the FAST infrastructure, which processes the payment in real time. Funds arrive in the recipient's account within seconds, 24 hours a day, 365 days a year.

For merchant payments, PayNow integrates with Singapore's SGQR (Singapore Quick Response) code standard. Merchants display a single QR code that consumers scan with their banking app to initiate payment. The SGQR code can embed PayNow, NETS, GrabPay, and other payment method identifiers, allowing consumers to choose their preferred method from a single QR code.

## Fees

PayNow transfers between individuals are free at most banks. For businesses receiving PayNow payments, fees vary by bank but are generally low — typically SGD 0 to SGD 0.25 per incoming transaction, far cheaper than card processing fees. Some banks offer PayNow Corporate with zero fees for incoming payments as part of business banking packages.

## PayNow for E-commerce

For online merchants in Singapore, PayNow offers a cost-effective alternative to card payments. PSPs like Stripe, Adyen, and Airwallex support PayNow as a payment method, generating a QR code or payment link at checkout that the consumer scans or clicks to complete payment. The instant confirmation enables merchants to fulfill orders immediately, combining the speed of card payments with the low cost of bank transfers.

## Cross-Border Expansion

Singapore has linked PayNow with Thailand's PromptPay (since 2021) and India's UPI (since 2023), enabling instant cross-border transfers between these countries. Further linkages with Malaysia's DuitNow and other ASEAN payment systems are planned as part of a regional real-time payment network initiative.

Supported by These Providers

Stripe

4.6

Transaction fee: 2.9% + $0.30

Adyen

4.5

Transaction fee: Interchange++ (€0.11 processing + scheme fee + interchange)

Airwallex

4.1

Transaction fee: 1.0% + $0.30 (domestic) / custom for cross-border

Related Resources

Frequently Asked Questions

What is PayNow?

PayNow is Singapore's real-time payment system that enables instant bank-to-bank transfers using a mobile number, NRIC/FIN, or UEN as a proxy identifier. It is supported by all major Singapore banks and operates 24/7.

Is PayNow free?

PayNow transfers between individuals are free at most Singapore banks. For businesses receiving PayNow payments, fees are minimal — typically SGD 0 to SGD 0.25 per incoming transaction, depending on the bank.

Can I use PayNow internationally?

PayNow has been linked with Thailand's PromptPay and India's UPI for cross-border transfers. These linkages allow instant transfers between the respective countries. Further ASEAN linkages are planned.