SINGAPORE - Seven banks have jumped on board to offer PayNow - a new option that requires only a mobile phone number or NRIC number to transfer funds from one account to another.
With the new service - set to start operations on July 10 - Singapore moves another step closer to becoming a cashless society.
A range of other cashless payment options have been introduced over the years:
Introduced: April 1984
The Interbank Giro system started in April 1984, the first to allow consumers to directly transfer funds to bank accounts of other people and firms. This is an offline system as transfers do not happen immediately.
Introduced: May 2014
PayLah is used by businesses like retail portal Qoo10. PayLah has more than 500,000 registered users, and daily transaction usage has doubled year on year.
Maybank Mobile Money
Introduced: November 2013
Users can pay anyone, any time and anywhere from their Maybank current or savings account. Maybank was one of the early adopters in the cashless peer-to-peer payment arena.
Standard Chartered - Singtel Dash.
Introduced: June 2014
Dash can be used at stores such as Watsons, in Comfort cabs and even on public transport. It allows any user to send and receive digital cash regardless of their telco or banking service provider affiliation.
OCBC Bank's Pay Anyone
Introduced: May 2014
Pay Anyone allows customers to send money to friends in Singapore, using just a mobile number, Facebook ID or e-mail address.
United Overseas Bank's UOB Mighty
Introduced: November 2015
This is an all-in-one mobile banking app and wallet similar to Android Pay, which lets people pay using mobile phones.
Introduced: October 2009
Contactless FlashPay card payments can be used at some 15 hawker centres, and also for train and bus rides. Nets introduced FlashPay for public transport and it has sicne grown to become a major contactless payment option for lower value goods and services.
Mastercard Contactless and Visa's PayWave
Mastercard Contactless, formerly known as PayPass, was introduced here by 2010. One of the earliest introductions to Visa's PayWave was on UOB's latest One card back in July 2007. It is available on several credit cards today.
Apple Pay, Android Pay and Samsung Pay
These mobile wallets, which arrived here within weeks of each other in 2016, allow people to pay using mobile phones. Users can tag their credit cards to these wallets.