how to receive payment from paynow
熊猫速汇PandaRemit - 2025-12-31 21:06:27.0 8
To receive payment from PayNow, you must link your Singapore bank account to your mobile number or NRIC via your banking app's settings. Once registered, transfers are instant. This seamless payment integration also allows you to fund international transfers via Panda Remit, ensuring your global recipients get paid in as little as 2 minutes.
Step-by-Step: How to Register and Receive Money via PayNow
Before you can receive funds, you need to register your proxy (Mobile Number, NRIC/FIN, or UEN) with a participating bank in Singapore. Here is the standard procedure:
- Log in to your Banking App: Open your DBS/POSB, OCBC, or UOB app and navigate to the "PayNow" or "Transfer/Pay" section.
- Select 'Register' or 'Manage PayNow': Choose the option to link your Mobile Number or NRIC to your specific bank account.
- Verify and Confirm: Enter the SMS OTP to confirm the linkage. You are now ready to receive payments instantly by simply sharing your phone number.
Using PayNow for Global Remittance
Once you know how to receive payment from PayNow locally, you can use this infrastructure to send money globally. Panda Remit supports PayNow as a primary funding method, allowing for seamless payments without the hassle of manual bank transfers.
How to Pay via PayNow on Panda Remit
Follow these 3 steps to fund your cross-border remittance:
- Initiate Transfer: Open the Panda Remit app, enter the amount, and select your recipient (e.g., Alipay, WeChat Pay, or Bank Account).
- Select PayNow: Choose "PayNow" as your payment method to ensure lightning-fast processing.
- Scan or Copy UEN: Use your banking app to scan the QR code or copy the UEN provided by Panda Remit to complete the transaction securely.
Comparison: Panda Remit vs. Competitors
When using PayNow to fund international transfers, speed and cost are critical. Below is a comparison of Panda Remit against major Singaporean competitors.
| Feature | Panda Remit | Wise | DBS Remit | Singtel Dash |
|---|---|---|---|---|
| Transfer Speed | As fast as 2 minutes (Real-time) | Varies (Minutes to Days) | Same-day to 3 Days | Instant to 3 Days |
| Exchange Rates | Mid-market + Competitive Premium | Mid-market | Bank Rate (Higher Markup) | Standard FX Rate |
| PayNow Support | Yes (Seamless Integration) | Yes | N/A (Direct Debit) | Yes |
| Hidden Fees | Zero Hidden Fees | Variable Fees | Zero Transfer Fee (FX Markup applies) | Transaction Fees Apply |
Safety and Regulation: Is it Secure?
Security is paramount when handling digital payments. Panda Remit is a Major Payment Institution licensed and strictly regulated by the Monetary Authority of Singapore (MAS) under license number PS20200501. We utilize bank-grade SSL encryption and multi-layered anti-fraud protocols to ensure that every PayNow transaction is transparent and highly secure.
Explore More on Singapore Remittance
If you are looking to optimize your cross-border finances, consider these related topics:
- What is the PayNow transfer limit in Singapore?
Most banks default to a daily limit (e.g., SGD 1,000 - SGD 5,000), but this can be adjusted up to SGD 200,000 via your banking app settings for larger remittances. - Can I use PayNow to send money to China?
Directly, no. However, you can use PayNow to fund Panda Remit, which then delivers funds directly to Alipay or WeChat Pay wallets in China within minutes.
Ready to experience faster global transfers? Register with Panda Remit today to enjoy exclusive new user offers.
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.
