Bank of China, ICBC start offering PayNow

The Bank of China and the Industrial and Commercial Bank of China (ICBC) were added to the list of banks offering PayNow yesterday, making it a total of nine banks offering the peer-to-peer funds transfer service to consumers in Singapore, said the Association of Banks in Singapore (ABS).

The banks joined the ranks of Citibank Singapore, DBS Bank/ POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank and United Overseas Bank as participating banks of the service.

PayNow enables customers of participating banks to send and receive Singapore dollar funds from one bank to another through Fast And Secure Transfers, using just their mobile number or Singapore NRIC or FIN (foreign identification number).

As of March 31, there have been more than 1.2 million PayNow registrations and over $470 million transferred via the service, the ABS said.

The association will continue to work with the industry to promote PayNow as a convenient and secure means to transfer funds between consumers, it added.

A version of this article appeared in the print edition of The Straits Times on April 10, 2018, with the headline 'Bank of China, ICBC start offering PayNow'. Print Edition | Subscribe