what is paylah and paynow
熊猫速汇PandaRemit - 2025-12-31 21:37:22.0 7
PayNow is Singapore’s national peer-to-peer funds transfer service that links bank accounts to mobile numbers, while DBS PayLah! is a specific mobile wallet app offered by DBS Bank. While both enable cashless payments, Panda Remit leverages PayNow to facilitate seamless global payouts, allowing you to fund international transfers that arrive in as little as 2 minutes.
The Core Difference: Infrastructure vs. Application
To navigate Singapore's digital finance landscape effectively, it is crucial to distinguish between the payment rail and the payment provider:
- PayNow (The Infrastructure): This is a secure funds transfer service available to customers of nine participating banks in Singapore. It allows users to send and receive money instantly using just a mobile number or NRIC/FIN. It is bank-agnostic.
- DBS PayLah! (The App): This is a mobile wallet application. While it supports PayNow QR codes, it functions as a stored-value facility. You do not strictly need a DBS bank account to use PayLah!, but it is a standalone product distinct from your primary bank account.
How to Use PayNow for Global Remittance (3-Step Guide)
Panda Remit integrates directly with PayNow, allowing you to turn local Singaporean dollars into global currencies instantly. Here is how to maximize speed and efficiency:
Step 1: Create Your Transfer Order
Log in to the Panda Remit app. Enter the amount you wish to send (e.g., 1,000 SGD). Our system provides competitive exchange rates significantly better than traditional banks, with transparent pricing and zero hidden fees.
Step 2: Select PayNow as Your Payment Method
Choose PayNow as your funding source. This is critical for speed. Unlike standard bank transfers which may have cut-off times, PayNow operates 24/7. You will be generated a unique UEN or QR code to complete the payment from your preferred banking app (DBS, OCBC, UOB, etc.).
Step 3: Track Your Money in Real-Time
Once you authorize the PayNow transaction, Panda Remit processes the funds immediately. Thanks to our lightning-fast transfer capabilities, funds can arrive in the recipient's account (Alipay, WeChat Pay, or overseas bank accounts) in as little as 2 minutes.
Comparison: Panda Remit vs. Competitors
When sending money from Singapore, how does Panda Remit stack up against local options like DBS Remit, Singtel Dash, or other fintechs like Wise? See the data below:
| Feature | Panda Remit | Traditional Banks (e.g., DBS Remit) | Other Fintechs (e.g., Wise) |
|---|---|---|---|
| Transfer Speed | As fast as 2 minutes (24/7 processing) | 1-3 Business Days (varies by cutoff) | Varies (Minutes to Days) |
| PayNow Integration | Seamless Direct Support | Internal Transfer Only | Supported |
| Exchange Rates | Mid-market rates (Low spread) | Bank rates (Often higher markup) | Mid-market rates |
| Regulatory Status | MAS Licensed (MPI) | MAS Licensed (Bank) | MAS Licensed (MPI) |
Why Security Matters: MAS Regulation
Whether you are using PayLah! for local hawker food or PayNow via Panda Remit for international transfers, 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. This ensures that every transaction you make via PayNow is not only fast but fully compliant and secure.
Explore More on Singapore Remittance
How do I register for PayNow in Singapore?
You can register for PayNow via your existing mobile banking app (such as DBS digibank, OCBC Digital, or UOB TMRW) by linking your mobile number or NRIC to your bank account.
What is the daily transfer limit for PayLah and PayNow?
PayNow limits are generally set by your bank (often up to S$200,000), while PayLah! wallet limits are typically lower (default S$999, adjustable to S$2,000). For high-value international transfers, Panda Remit offers flexible limits tailored to your verification level.
Ready to experience the fastest way to send money globally using PayNow? Start your secure transfer with Panda Remit today.
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.
