Tag "PayNow"

3 Ways Singapore Is Trailblazing the Cross-Borders Payments Scene

As digitalization blurs the physical borders between countries, it is estimated that the total global cross-border payment flow can surpass USD156 trillion by 2022. In the European Union (EU), the Single Euro Payments Area (SEPA) is a timely solution that

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Real-Time Digital Payments Volume Surges 48% in Singapore

Singaporeans are moving away from paper-based payments and embracing real-time digital payments and mobile wallets, a shift that has accelerated with COVID-19, a new report by ACI Worldwide Real-Time Payments and GlobalData says. 2021 Prime-Time for Real Time, a global

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Non-Bank E-Wallets GrabPay, LiquidPay and Singtel’s Dash to Offer PayNow

The Association of Banks in Singapore (ABS) announced that for the first time PayNow has been made available to three non-bank Financial Institutions (NFIs) namely Grab Financial Group, Liquid Group and Singtel’s Dash effective from today onwards. The addition of

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Singapore and Thailand to Enable Cross Border Payments Using Only Mobile Numbers in 2021

During the Singapore Fintech Festival 2020, Ravi Menon, Managing Director, Monetary Authority of Singapore (MAS) announced that the regulator has made significant headway in the linkage between Singapore’s and Thailand’s national payment systems; PayNow and PromptPay respectively. Monetary Authority of

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E-Wallets Will Soon Have Access to E-Payment Platforms FAST and PayNow

The Monetary Authority of Singapore (MAS) announced that non-bank financial institutions (NFIs) that are licensed as a major payment institution under the Payment Services Act, will be allowed to connect directly to Fast and Secure Transfers (FAST) and PayNow from

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PayNow Increases Default Limit for Ad-Hoc Transactions up to S$200,000

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

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Bring Colour Back to the South East Asian Payments Landscape

For the global banking and finance industry, Southeast Asia (SEA) has established itself as a key region in terms of innovation and growth opportunities in real-time payments. Underlying this is the fact that SEA’s internet economy is projected to triple

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PayNow QR is The Latest to Adopt SGQR, Singapore’s Unified Payment QR Code

The Association of Banks in Singapore (ABS)  announced yesterday that PayNow QR will adopt the Singapore Quick Response Code (SGQR) specifications, enabling businesses to collect payments via PayNow through the national unified payment QR code, SGQR. The adoption of the

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Google Ties Up with DBS and OCBC to Enhance Google Pay in Singapore

Announced yesterday at the Singapore Fintech Festival, Google Pay has tied up with DBS and OCBC to enhance Google Pay services in early 2020. Google Pay is currently undergoing the beta-testing phase and select OCBC Bank customers will be able

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Singaporeans Transacted Over 1 Billion SGD Per Month on PayNow

The Association of Banks in Singapore (ABS) announced today that the value of PayNow transactions per month has crossed the S$1 billion mark for three consecutive months since July. This significant milestone, highlights the growing ubiquity of PayNow for payment

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