Go cashless with PayNow fund transfers from July 10
By Lee Xin En, The Straits Times, 28 Jun 2017
Singapore made another step towards becoming a cashless society with a new fund transfer option that requires just a mobile phone number or NRIC number.
The PayNow system, which will start on July 10, will be offered by seven banks.
People who want to receive payments will have to link their mobile and NRIC numbers to their accounts, either on the bank's website or through its mobile app.
One bank account can be linked to one mobile number and one NRIC number, and the sender will be able to see the recipient's name before confirming the transfer.
The push towards innovation in payments will help address an issue highlighted by Prime Minister Lee Hsien Loong earlier this year when he said that compared with other countries, Singapore could do more to promote cashless payments, in hawker centres, in shops and between people.
Finance Minister Heng Swee Keat told the annual Association of Banks in Singapore (ABS) dinner last night that a Payments Council led by the Monetary Authority of Singapore (MAS) will be set up. Its 18 representatives from banks, payment companies, industry associations and businesses will discuss payment strategies and promote solutions.
By Lee Xin En, The Straits Times, 28 Jun 2017
Singapore made another step towards becoming a cashless society with a new fund transfer option that requires just a mobile phone number or NRIC number.
The PayNow system, which will start on July 10, will be offered by seven banks.
People who want to receive payments will have to link their mobile and NRIC numbers to their accounts, either on the bank's website or through its mobile app.
One bank account can be linked to one mobile number and one NRIC number, and the sender will be able to see the recipient's name before confirming the transfer.
The push towards innovation in payments will help address an issue highlighted by Prime Minister Lee Hsien Loong earlier this year when he said that compared with other countries, Singapore could do more to promote cashless payments, in hawker centres, in shops and between people.
Finance Minister Heng Swee Keat told the annual Association of Banks in Singapore (ABS) dinner last night that a Payments Council led by the Monetary Authority of Singapore (MAS) will be set up. Its 18 representatives from banks, payment companies, industry associations and businesses will discuss payment strategies and promote solutions.
MAS is also reviewing the regulatory regime for payments, he said.
He added that the Government is looking into using PayNow to make payments directly to people's bank accounts using their NRIC numbers.
This would eliminate the need to "update each government agency one by one when we change banks. We will just need to link our new bank account to our NRIC via PayNow".











