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| Product type | Instant real-time inter-bankpayment system |
|---|---|
| Owner | Association of Banks in Singapore |
| Produced by | Association of Banks in Singapore |
| Country | Singapore |
| Introduced | 10 July 2017; 8 years ago (2017-07-10) |
| Markets |
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| Website | www |
PayNow is a near-instant real-timepayment system developed by Association of Banks in Singapore.[1] The interface facilitates inter-bankpeer-to-peer and person-to-merchant transactions. The system is supported by all majorSingaporean banks and is regulated by theMonetary Authority of Singapore (MAS) and works by transferring funds between two bank accounts.
Payments can be made to any registered Singaporeanmobile number,NRIC, corporate Unique Entity Number (UEN) or Virtual Payment Address (VPA).[1] ScanningQR codes is also an option. PayNow is linked with other payment providers includingStripe,[2]DuitNow (Malaysia),[3] PromptPay (Thailand)[4] andUPI (India).[5]
In 2020, 125 million transactions worthS$22 billion were processed through PayNow.[6]
TheBank for International Settlements signed an agreement withCentral Bank of Malaysia,Bank of Thailand,Bangko Sentral ng Pilipinas,Monetary Authority of Singapore, and theReserve 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]
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