how to create paynow account
熊猫速汇PandaRemit - 2025-12-31 20:40:07.0 9
To create a PayNow account, simply log in to your participating bank's mobile app (such as DBS, OCBC, or UOB), navigate to the settings menu, and link your mobile number or NRIC/FIN to your bank account. Once registered, you can utilize seamless payment methods to fund international remittances via Panda Remit, where funds can arrive in as little as 2 minutes.
Step-by-Step Guide: Setting Up PayNow in Singapore
PayNow is an electronic fund transfer service available to customers of nine participating banks in Singapore. It allows you to send and receive money instantly using just a mobile number or NRIC/FIN. Here is the standard 1-2-3 procedure to activate it:
1. Log in to Your Banking App
Open your preferred banking application (e.g., DBS digibank, OCBC Digital, or UOB TMRW). Locate the "PayNow" icon or find it under the "Transfer/Pay" or "Settings" menu.
2. Link Your Proxy (Mobile Number or NRIC)
Follow the on-screen prompts to register your profile. You will be asked to link your Mobile Number or NRIC/FIN to the specific bank account you wish to use for funds. You will likely need to authenticate this action via SMS OTP or a digital token.
3. Start Transacting Securely
Once linked, your PayNow account is active immediately. You can now use it for peer-to-peer transfers or to fund cross-border remittances. For example, when sending money globally with Panda Remit, simply select PayNow as your payment method for a hassle-free experience.
Comparison: Panda Remit vs. Other Singapore Providers
Once you have your PayNow account set up, choosing the right remittance partner is crucial for maximizing your money's value. Below is a comparison of how Panda Remit stacks up against local competitors when funding transfers via PayNow.
| Feature | Panda Remit | Wise | DBS Remit | Singtel Dash |
|---|---|---|---|---|
| Transfer Speed | As fast as 2 mins (24/7 Real-time) | Varies (Minutes to Days) | Same-day (Cut-off times apply) | Instant to specific wallets |
| Exchange Rates | Highly Competitive (Market-leading rates) | Mid-market rate | Bank rate (Often includes markup) | Standard FX rates |
| Fees | Zero fees for first transfer; Transparent pricing | Variable percentage fee | $0 transfer fee (FX markup applies) | Transaction fees apply |
| PayNow Integration | Seamless In-App Payment | Supported | N/A (Direct Debit) | Supported |
Why Security Matters: MAS Regulation
When linking your bank account to third-party services, security is paramount. Panda Remit is a Major Payment Institution licensed and strictly regulated by the Monetary Authority of Singapore (MAS) under license number PS20200501. We implement bank-grade SSL encryption and multi-layered anti-fraud protocols to ensure every PayNow transaction is transparent and highly secure.
Explore More on Singapore Remittance
If you are looking to optimize your cross-border payments further, consider these common queries:
- What is the daily PayNow transfer limit in Singapore?
Most banks set a default limit (often SGD 1,000 - SGD 5,000), but this can be adjusted up to SGD 200,000 depending on your bank settings. - Can I use PayNow to send money to China?
Directly, no. However, you can use PayNow to fund your Panda Remit account, which then facilitates seamless global payouts to Alipay and WeChat Pay in China within minutes.
Ready to experience faster, safer global transfers? Start your journey with Panda Remit Singapore here.
Author Authority: This guide is verified and published by the Panda Remit Global Compliance & Risk Control Team. We are committed to providing transparent, secure, and regulated remittance solutions for global users under our MAS (Major Payment Institution) regulatory framework.
