$10m in transfers as 500k sign up for PayNow

More than $10 million has changed hands on instant fund-transfer system PayNow since its launch on July 10. The cashless system, which allows transfers with just the recipient's cellphone or NRIC number, has attracted more than 500,000 registered users, according to the Monetary Authority of Singapore.

PayNow is set to be enhanced with users getting SMS notices after the transfers are completed, removing the need to check bank accounts.

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A version of this article appeared in the print edition of The Straits Times on August 23, 2017, with the headline '$10m in transfers as 500k sign up for PayNow'. Print Edition | Subscribe