PayNow: How Singapore’s Instant Mobile Payment System Works

PayNow is a nationwide payment service that lets Singapore bank and e-wallet customers send and receive money instantly using just a mobile number, NRIC/FIN, Unique Entity Number (UEN) or QR code, instead of a full bank account number.

Not financial advice. All figures for educational reference only. Data as at July 2026.

Last updated: July 2026

Key Takeaways

• PayNow lets you send money using a mobile number, NRIC/FIN, UEN or QR code, and settles behind the scenes using the FAST network.
• PayNow Corporate lets businesses receive payments using their UEN instead of a bank account number, commonly displayed as a QR code at point of sale.
• Cross-border PayNow linkages let Singapore users send money directly to Malaysia (PayNow-DuitNow) and Thailand (PayNow-PromptPay), each currently capped at SGD 1,000 per day per user.
• PayNow QR codes are unified with NETS and other schemes under Singapore’s SGQR standard, so a single QR code at many merchants can accept multiple payment methods.
• Registering a mobile number or NRIC for PayNow is optional and can be done or removed at any time through your bank’s app.

What Is PayNow?

PayNow was launched in 2017 by the Association of Banks in Singapore as a simpler way to send and receive money domestically, removing the need to know someone’s full bank and account number. Instead, a user links a proxy identifier, typically a mobile number or NRIC/FIN, to their bank account. Once linked, anyone who knows that mobile number can send money directly to the corresponding account without ever seeing the underlying account number.

PayNow itself is not a separate payment rail; it is a directory and matching layer that sits on top of Singapore’s existing FAST infrastructure. When you send a PayNow payment, the system first looks up which bank account the recipient’s mobile number, NRIC or UEN is linked to, then executes the transfer using FAST, so the money still moves between actual bank accounts in real time.

Businesses use a variant called PayNow Corporate, which links a company’s Unique Entity Number (UEN) to its business bank account, allowing customers to pay by scanning a QR code or entering the UEN, without needing the business’s account number.

How Does PayNow Work in Singapore?

To use PayNow, a user first registers a proxy, such as their mobile number, through their bank’s app. To pay someone, the sender enters the recipient’s registered mobile number, NRIC/FIN, UEN, or scans a PayNow QR code, confirms the recipient’s name shown on screen matches who they intend to pay, and authorises the transfer.

Source: Bank of Thailand, DBS PayNow-DuitNow guide, and participating bank documentation, as at July 2026. Cross-border daily limits are subject to change as authorities expand these linkages.

PayNow Example

Suppose you want to pay a hawker stall S$6.50 for lunch. You open your bank app, scan the stall’s PayNow QR code, confirm the merchant’s name and the amount, and authorise the payment with your PIN or biometric login. The stall owner receives the S$6.50 in their business bank account within seconds, with no need for either party to exchange account numbers. If instead you wanted to send S$50 to a friend visiting from Kuala Lumpur using PayNow-DuitNow, you would enter their Malaysian mobile number in the app, and the transfer would go through directly to their Malaysian bank account, subject to the SGD 1,000 daily cross-border cap.

Advantages of PayNow

• No need to share bank account numbers. A mobile number or UEN is enough, which is faster and feels more private than exchanging full account details.
• Instant settlement. Because PayNow rides on FAST, payments typically complete within seconds, any time of day.
• Widely accepted for daily spending. PayNow QR codes are displayed at hawker centres, retail stores and even some informal vendors, making it a de facto standard for everyday payments in Singapore.
• Growing cross-border reach. Linkages with Malaysia and Thailand let residents send small sums directly to bank accounts in those countries without a full TT.

Risks and Limitations

• Scams using PayNow are common. Because it is fast and hard to reverse, PayNow is frequently used in phishing and impersonation scams; always verify the recipient’s name shown before confirming a payment.
• Cross-border limits are low. The SGD 1,000 daily cap on PayNow-DuitNow and PayNow-PromptPay makes it unsuitable for larger overseas payments, which still need a telegraphic transfer.
• Only covers linked countries. PayNow cross-border linkages exist only with a handful of countries; it cannot be used to pay a bank account in most of the world.
• Registering a mobile number links it publicly to your identity for payment purposes. Anyone who knows your mobile number can see your name when attempting to send you a PayNow payment.

PayNow vs Bank Transfer (FAST) vs GIRO

The Bottom Line

PayNow has become the default way most Singapore residents pay each other and increasingly pay merchants, precisely because it removes the friction of exchanging bank account details. It is best suited for everyday domestic payments and small cross-border transfers to linked countries, while larger or international payments still call for a telegraphic transfer.

Frequently Asked Questions

Related Terms

• FAST Transfer (FAST Payment)
• GIRO Meaning
• Telegraphic Transfer (TT)
• Overdraft Facility