28m PayNow transactions in first half of year as usage soars

This is four times the figure for same period last year; transaction amount up 500% to $4.6b

PayNow was launched in 2017, with its extension PayNow Corporate and unified payment code SGQR launched last year.
PayNow was launched in 2017, with its extension PayNow Corporate and unified payment code SGQR launched last year.PHOTO: ZB
OCBC GLOBAL TRANSACTION BANKING HEAD MELVYN LOW
OCBC GLOBAL TRANSACTION BANKING HEAD MELVYN LOW

Use of the peer-to-peer fund transfer service PayNow has jumped significantly, with around 28 million transactions worth about $4.6 billion taking place in the first half of this year.

This is four times the number of transactions from the same period last year, and marks a 500 per cent increase in the amount of money that changed hands - benefiting both businesses and individuals such as event organiser Chan Zhi Wei.

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A version of this article appeared in the print edition of The Straits Times on August 09, 2019, with the headline '28m PayNow transactions in first half of year as usage soars'. Print Edition | Subscribe