PayNow: Difference between revisions
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{{short description|Digital payment system for inter-bank transfers in Singapore}} |
{{short description|Digital payment system for inter-bank transfers in Singapore}} |
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{{Infobox brand |
{{Infobox brand |
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| name = PayNow |
| name = PayNow |
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'''PayNow''' is a near-instant real-time [[payment system]] developed by [[Association of Banks in Singapore]].<ref name="paynow">{{cite web |title=PayNow Singapore |url=https://www.abs.org.sg/consumer-banking/pay-now |archive-url=https://web.archive.org/web/20231207072427/https://abs.org.sg/consumer-banking/pay-now#collapseOne |archive-date=7 December 2023 |website=The Association of Banks in Singapore}}</ref> The interface facilitates inter-bank [[Peer-to-peer transaction|peer-to-peer]] and person-to-merchant transactions. The system is supported by all major [[List of banks in Singapore|Singaporean banks]] and is regulated by the [[Monetary Authority of Singapore]] (MAS) and works by transferring funds between two bank accounts. |
'''PayNow''' is a near-instant real-time [[payment system]] developed by [[Association of Banks in Singapore]].<ref name="paynow">{{cite web |title=PayNow Singapore |url=https://www.abs.org.sg/consumer-banking/pay-now |archive-url=https://web.archive.org/web/20231207072427/https://abs.org.sg/consumer-banking/pay-now#collapseOne |archive-date=7 December 2023 |website=The Association of Banks in Singapore |url-status=live}}</ref> The interface facilitates inter-bank [[Peer-to-peer transaction|peer-to-peer]] and person-to-merchant transactions. The system is supported by all major [[List of banks in Singapore|Singaporean banks]] and is regulated by the [[Monetary Authority of Singapore]] (MAS) and works by transferring funds between two bank accounts. |
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Payments can be made to any registered Singaporean [[mobile number]], [[National Registration Identity Card|NRIC]], corporate Unique Entity Number (UEN) or Virtual Payment Address (VPA).<ref name="paynow"/> Scanning [[QR code payment|QR code]]s is also an option. PayNow is linked with other payment providers including [[Stripe, Inc.|Stripe]],<ref>{{cite web |last=Ng |first=Kelly |date=21 April 2022 |title=Singapore-based Stripe users can now accept payments via PayNow |url=https://www.businesstimes.com.sg/banking-finance/singapore-based-stripe-users-can-now-accept-payments-via-paynow-0 |url-access=subscription |url-status=dead |archive-url= |
Payments can be made to any registered Singaporean [[mobile number]], [[National Registration Identity Card|NRIC]], corporate Unique Entity Number (UEN) or Virtual Payment Address (VPA).<ref name="paynow"/> Scanning [[QR code payment|QR code]]s is also an option. PayNow is linked with other payment providers including [[Stripe, Inc.|Stripe]],<ref>{{cite web |last=Ng |first=Kelly |date=21 April 2022 |title=Singapore-based Stripe users can now accept payments via PayNow |url=https://www.businesstimes.com.sg/banking-finance/singapore-based-stripe-users-can-now-accept-payments-via-paynow-0 |url-access=subscription |url-status=dead |archive-url=https://archive.today/20240222021334/https://www.businesstimes.com.sg/companies-markets/banking-finance/singapore-based-stripe-users-can-now-accept-payments-paynow-0 |archive-date=22 February 2024 |access-date=19 August 2022 |website=The Business Times}}</ref> [[DuitNow]] (Malaysia),<ref>{{cite news |last=Ganapathy |first=Kurt |date=27 September 2021 |title=Singapore's PayNow to be linked with Malaysia's DuitNow in phases from 2022 |url=https://www.channelnewsasia.com/business/paynow-singapore-linked-duitnow-malaysia-mas-bnm-2204496 |url-status=live |archive-url=https://web.archive.org/web/20231228051137/https://www.channelnewsasia.com/business/paynow-singapore-linked-duitnow-malaysia-mas-bnm-2204496 |archive-date=28 December 2023 |work=CNA}}</ref> [[PromptPay]] (Thailand)<ref>{{cite web |date=31 March 2022 |title=Initiative: BoT and MAS's PromptPay-PayNow link |url=https://www.centralbanking.com/awards/7941666/initiative-bot-and-mass-promptpay-paynow-link |url-status=live |archive-url=https://web.archive.org/web/20231202191508/https://www.centralbanking.com/awards/7941666/initiative-bot-and-mass-promptpay-paynow-link |archive-date=2 December 2023 |website=Central Banking}}</ref> and [[Unified Payments Interface#Singapore|UPI]] (India).<ref>{{cite news |last=Ang |first=Prisca |date=14 September 2021 |title=PayNow to link with India's UPI for instant, low-cost fund transfers |url=https://www.straitstimes.com/business/banking/paynow-to-link-with-indias-upi-for-instant-low-cost-fund-transfers |url-status=live |archive-url=https://web.archive.org/web/20230224031602/https://www.straitstimes.com/business/banking/paynow-to-link-with-indias-upi-for-instant-low-cost-fund-transfers |archive-date=24 February 2023 |work=The Straits Times}}</ref> |
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In 2020, 125 million transactions worth [[Singapore dollar|S$]]22 billion were processed through PayNow.<ref>{{cite news |last=Yong |first=Clement |date=4 October 2021 |title=PayNow transactions doubled to $22 billion in 2020, on track to set higher record this year |url=https://www.straitstimes.com/singapore/paynow-transactions-doubled-to-22-million-in-2020-on-track-to-set-higher-record-this-year |url-status=live |archive-url=https://web.archive.org/web/20221203133012/https://www.straitstimes.com/singapore/paynow-transactions-doubled-to-22-million-in-2020-on-track-to-set-higher-record-this-year |archive-date=3 December 2022 |work=The Straits Times}}</ref> |
In 2020, 125 million transactions worth [[Singapore dollar|S$]]22 billion were processed through PayNow.<ref>{{cite news |last=Yong |first=Clement |date=4 October 2021 |title=PayNow transactions doubled to $22 billion in 2020, on track to set higher record this year |url=https://www.straitstimes.com/singapore/paynow-transactions-doubled-to-22-million-in-2020-on-track-to-set-higher-record-this-year |url-status=live |archive-url=https://web.archive.org/web/20221203133012/https://www.straitstimes.com/singapore/paynow-transactions-doubled-to-22-million-in-2020-on-track-to-set-higher-record-this-year |archive-date=3 December 2022 |work=The Straits Times}}</ref> |
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== International collaboration == |
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=== Project Nexus === |
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The [[Bank for International Settlements]] signed an agreement with [[Central Bank of Malaysia]], [[Bank of Thailand]], [[Bangko Sentral ng Pilipinas]], [[Monetary Authority of Singapore]], and the [[Reserve Bank of India]] on 30 June 2024 as founding member of Project Nexus, a multilateral international initiative to enable retail cross-border payments. [[Bank Indonesia]] involved as a special observer. The platform, which is expected to go live by 2026, will interlink domestic fast payment systems of the member countries.<ref>{{Cite web |last=Kawale |first=Ajinkya |date=1 July 2024 |title=RBI, four Asean countries tie up for cross-border payments platform |url=https://www.business-standard.com/finance/news/rbi-asean-countries-to-create-platform-for-retail-cross-border-payments-124070100585_1.html |access-date=2 July 2024 |website=Business Standard}}</ref> |
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== References == |
== References == |
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[[Category:Mobile payments]] |
[[Category:Mobile payments]] |
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[[Category:Mobile payments in Singapore]] |
[[Category:Mobile payments in Singapore]] |
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[[Category:Payment networks]] |
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[[Category:Online payments]] |
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Revision as of 15:48, 11 August 2024
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| Product type | Instant real-time inter-bank payment system |
|---|---|
| Owner | Association of Banks in Singapore |
| Produced by | Association of Banks in Singapore |
| Country | Singapore |
| Introduced | 10 July 2017 |
| Markets |
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| Website | www |
PayNow is a near-instant real-time payment system developed by Association of Banks in Singapore.[1] The interface facilitates inter-bank peer-to-peer and person-to-merchant transactions. The system is supported by all major Singaporean banks and is regulated by the Monetary Authority of Singapore (MAS) and works by transferring funds between two bank accounts.
Payments can be made to any registered Singaporean mobile number, NRIC, corporate Unique Entity Number (UEN) or Virtual Payment Address (VPA).[1] Scanning QR codes is also an option. PayNow is linked with other payment providers including Stripe,[2] DuitNow (Malaysia),[3] PromptPay (Thailand)[4] and UPI (India).[5]
In 2020, 125 million transactions worth S$22 billion were processed through PayNow.[6]
International collaboration
Project Nexus
The Bank for International Settlements signed an agreement with Central Bank of Malaysia, Bank of Thailand, Bangko Sentral ng Pilipinas, Monetary Authority of Singapore, and the Reserve Bank of India on 30 June 2024 as founding member of Project Nexus, a multilateral international initiative to enable retail cross-border payments. Bank Indonesia involved as a special observer. The platform, which is expected to go live by 2026, will interlink domestic fast payment systems of the member countries.[7]
References
- ^ a b "PayNow Singapore". The Association of Banks in Singapore. Archived from the original on 7 December 2023.
- ^ Ng, Kelly (21 April 2022). "Singapore-based Stripe users can now accept payments via PayNow". The Business Times. Archived from the original on 22 February 2024. Retrieved 19 August 2022.
- ^ Ganapathy, Kurt (27 September 2021). "Singapore's PayNow to be linked with Malaysia's DuitNow in phases from 2022". CNA. Archived from the original on 28 December 2023.
- ^ "Initiative: BoT and MAS's PromptPay-PayNow link". Central Banking. 31 March 2022. Archived from the original on 2 December 2023.
- ^ Ang, Prisca (14 September 2021). "PayNow to link with India's UPI for instant, low-cost fund transfers". The Straits Times. Archived from the original on 24 February 2023.
- ^ Yong, Clement (4 October 2021). "PayNow transactions doubled to $22 billion in 2020, on track to set higher record this year". The Straits Times. Archived from the original on 3 December 2022.
- ^ Kawale, Ajinkya (1 July 2024). "RBI, four Asean countries tie up for cross-border payments platform". Business Standard. Retrieved 2 July 2024.