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Online Payments

ABS launches mobile payments service

Thursday 29 June 2017 | 12:48 PM CET

The Association of Banks of Singapore (ABS) has released a new funds transfer service that requires a mobile and identity card numbers to enrol.

In order to use the application, called PayNow, customers need to link their mobile number and their National Registration Identity Card (NRIC) number to their bank account, online or via a mobile app. PayNow has seven participating banks, including UOB and HSBC, and will go live on 10 July 2017.

The service is based on Singapore’s immediate payments system, Fast And Secure Transfers (FAST), introduced in 2014 with 19 participating banks.

More: Link
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