About
PayNow is Singapore's proxy-based instant transfer service, launched on 10 July 2017 by the banks of the Association of Banks in Singapore (ABS) and opened to non-bank payment institutions in February 2021. It runs on the FAST real-time rail: users send money from their bank or e-wallet app to a mobile number, NRIC/FIN, business UEN or virtual payment address, and funds arrive instantly, 24/7. Merchants take it through SGQR and PayNow QR codes. At the end of 2025 it had about 11 million proxy registrations across 23 banks and six major payment institutions, and it is linked to Thailand's PromptPay, India's UPI and Malaysia's DuitNow.
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