Starting from July 10, consumers in Singapore will be able to transfer funds directly to one another using their mobile phone numbers through the PayNow service.
Seven banks, including Citibank Singapore, DBS Bank/POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank, and United Overseas Bank, will participate in this digital fund transfer system.
Users can send and receive money instantly using either mobile phone numbers or NRIC/FIN (National Registration Identity Card/Foreign Identification Number). This initiative aligns with Singapore's goal of becoming an "electronic-payments society."
PayNow will complement existing mobile payment wallets and could potentially expand for cross-country payments within the region.
(http://www.todayonline.com/business/new-paynow-service-enables-funds-transfer-using-mobile-phones - original article summarised by ChatGPT 3.5)
New Way to Pay Now — Just Use Mobile Phone Numbers or IC
Starting from July 10, consumers in Singapore will be able to transfer funds directly to one another using their mobile phone numbers through the PayNow service.
Seven banks, including Citibank Singapore, DBS Bank/POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank, and United Overseas Bank, will participate in this digital fund transfer system.
Users can send and receive money instantly using either mobile phone numbers or NRIC/FIN (National Registration Identity Card/Foreign Identification Number). This initiative aligns with Singapore's goal of becoming an "electronic-payments society."
PayNow will complement existing mobile payment wallets and could potentially expand for cross-country payments within the region.
(http://www.todayonline.com/business/new-paynow-service-enables-funds-transfer-using-mobile-phones - original article summarised by ChatGPT 3.5)