PayNow Increases Default Limit for Ad-Hoc Transactions up to S$200,000by Fintech News Singapore September 29, 2020
The Association of Banks in Singapore (ABS) announced that all of the nine participating PayNow banks will allow ad-hoc transactions of at least S$5,000 or more.
This will enable customers to use PayNow, an electronic fund transfer service, for a wider scope of payments to merchants and friends.
The higher limit applies to PayNow on both internet banking and mobile application channels, and includes both scan-and-pay transactions and transfers initiated by entering the NRIC, mobile number, or Unique Entity Number (UEN) of the recipient, without first going through the process of adding the recipient as a payee.
Customers will be required to key in their Second Factor Authentication (2FA) for transactions exceeding S$1,000. They also have the option to set their PayNow limit to a level that they are comfortable with.
The nine participating PayNow banks are Bank of China, Citibank, DBS, HSBC, ICBC, Maybank, OCBC, Standard Chartered and UOB.
As of end-August 2020, it is said that there are more than 4.46 million registered PayNow users, who have collectively transferred close to S$34 billion since the launch of PayNow in June 2017.
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