PayNow

PayNow is a peer-to-peer fund transfer service.

For a start, those who link their NRIC numbers to their bank accounts before the disbursement of the one-off SG Bonus at the end of the year “can expect to receive the money earlier via PayNow” than direct bank crediting or cheques. This was done since 10 October 2018, where Timothy Mok have actively signed up the SG Bonus, and how to credit it together.

PayNow enables customers of the participating banks to fund transfer money, only through mobile numbers or NRIC numbers.

PayNow Corporate will be available to businesses and corporate customers of seven participating banks – Citibank, DBS Bank/POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank and United Overseas Bank (UOB), said the ABS in a statement.

Businesses should link their bank accounts to their Unique Entity Numbers (UEN), which merchants can then display at their payment counters for consumers to make direct payments to.

This will “do away with the need to know the bank and account number of the businesses and corporates when transferring funds”, said the ABS.

PayNow Corporate
From August 13, a popular peer-to-peer funds transfer service will be extended to businesses, allowing companies to pay and receive money instantly from other firms and customers.

PayNow Corporate could mean hassle-free transactions at retail shops and when paying taxes, hospital fees and phone bills, for instance.

The following companies are under the corporate plans:
 * 1) Agility Solutions
 * 2) CooperVision
 * 3) KOI The
 * 4) McDonald's
 * 5) SG Enable
 * 6) Singapore Press Holdings (SPH)
 * 7) Starbucks
 * 8) Toffs Technologies
 * 9) Trampolene Ahead
 * 10) Tresorpath United
 * 11) Uniqlo
 * 12) United Overseas Bank (UOB)