PayNow is a peer-to-peer fund transfer service that enables all users of the participating banks and NFIs to settle funds via their bank accounts or e-wallets to another via Virtual Payment Address, mobile number, or Singapore NRIC/FIN instantly.
The underlying technology behind PayNow is FAST, which enables 24X7 near real-time transactions. This enables the sender to simply load money into another’s wallet/bank account without knowing the provider of their wallet or issuing bank.
PayNow can also be used by corporate businesses, government agencies, societies, and others, that are termed “entities.” This enables entities in Singapore to instantly pay and get paid in Singapore Dollar funds by simply linking their Unique Entity Number (UEN) to their Singapore bank account. The best part, this service is available 365 days a year without any limitations.
FAST enables almost immediate receipt of money
Accepted by the majority of the banks in Singapore, making it the most convenient mode of payment
Get paid simply by letting the customers scan the PayNow QR via mobile.
VPA lets users connect their mobile number with an NFI e-wallet to accept payment directly into their bank account or wallet.
Access the feasibility of fund transfer at any time of the day or even at night.
Get instant money transfers to any participating bank or NFIs.
Send and receive funds up to S$5,000 conveniently using a Mobile Number/NRIC/FIN/Unique Entity Number/VPA or scan-and-pay with PayNow QR.
Receive payments from your customers directly, securely, and instantly to your PayNow-linked account.
Corporate payouts can be processed with ease now. These include Dividends, bonuses, salaries, and other payouts that might come across.
PayNow QR is a simple tool that can be scanned to pay directly via mobile devices to businesses on the go.
You can start receiving your corporate allowances like salary, insurance, etc by simply registering your mobile number, NRIC/FIN, or VPA.
Save the hassle of remembering your peers’ bank account numbers. Simply enter their mobile number of VPA and pay.
Why Decentro’s stack for PayNow?
Fully flexible API or dashboard based flow for collections and payments.
Improved Reconciliation by letting Debits and Credits flow into a customer's Virtual account.
Instantaneous intimation through callbacks for every transaction including collections and payments
Create dynamic QR codes for each transaction for customer to pay to you or your partner
Unlimited rollover of unused API hits with multiple banking partners
Real-time monitoring of transactions on Decentro’s dashboard