TransferWise expands PayNow support for S'pore users

With British fintech firm TransferWise's incorporation of PayNow - a funds transfer service (left) provided by nine banks - into its international remittance service, recipients no longer need to disclose bank account details when receiving money fro
With British fintech firm TransferWise's incorporation of PayNow - a funds transfer service (left) provided by nine banks - into its international remittance service, recipients no longer need to disclose bank account details when receiving money from abroad.PHOTO: LIANHE ZAOBAO

Feature enables those here to receive funds from abroad with just their mobile numbers

Businesses and individuals can now receive money from abroad by simply providing the sender with a mobile phone number.

British fintech firm TransferWise has incorporated PayNow into its international remittance service so recipients no longer need to disclose bank account details.

The company enabled Singapore users to send money abroad via PayNow last March.

Its latest initiative, which was announced yesterday, is expected to benefit freelancers receiving overseas payments or businesses that want to simplify the payment process for customers abroad.

Only the party transferring the money needs to have a TransferWise account.

The recipient simply needs to be a PayNow user. Payment is made via the TransferWise mobile app using the PayNow option.

"This (new) feature was highly requested by our customers because PayNow is used widely here," said TransferWise engineer Li Wanlong, who implemented the PayNow feature.

"If you have a friend visiting from overseas and you head out for a meal or drinks, it is now much easier to split the bill using (our) PayNow option."

PayNow is a funds transfer service provided by nine banks. It allows customers to send and receive money from their accounts by using their mobile or NRIC numbers.

 
 
 
 

It works similarly for businesses with a registered PayNow Corporate account. They can make and receive payments instantly with their respective Unique Entity Numbers (UENs).

There were more than 2.8 million individual PayNow registrations as of last September and 115,000 UENs.

TransferWise handles about £4 billion (S$7.1 billion) in international transfers a month for its six million customers globally. It started here in 2016 and now moves about $1.7 billion in and out of Singapore every year.

Singaporeans can receive money from 45 countries and send money to 84 countries using TransferWise.

A version of this article appeared in the print edition of The Straits Times on January 07, 2020, with the headline 'TransferWise expands PayNow support for S'pore users'. Print Edition | Subscribe