PayNow Launches in Singapore to Facilitate Money Transfers with just Mobile Number or NRIC

Transferring money between friends and families (or even businesses) has just gotten easier with the introduction of a new PayNow service which is now live across all seven participating banks - Citibank, DBS Bank, HSBC, Maybank, OCBC Bank, Standard Chartered Bank and UOB Bank. All you need is the person's mobile number or NRIC number in order to make the transfer (limited to SGD transactions only). 

Photo Credit: OCBC

Photo Credit: OCBC

In order to encourage the adoption rate of this new funds transfer system, certain banks are currently running promotion - OCBC Bank will give you up to S$50,000 (grand prize) for registering and using this service during the promotion period. Do note that you can only link your PayNow account to one bank - for example, if you linked it with UOB, you will not be able to link it to OCBC. 

There are no fees involved with using PayNow and I am personally quite excited to try it all - all the more reason to volunteer to pay for a meal first (and earn those miles)! 

Photo Credits: Standard Chartered

Photo Credits: Standard Chartered

Remember different banks are running different promotions so make sure you check out the banks that you have an account with to make sure you are running with the offer you are most comfortable with!