what is paynow and paylah
熊猫速汇PandaRemit - 2025-12-31 21:38:20.0 6
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 facilitate instant local payments, Panda Remit integrates seamlessly with PayNow to fund international transfers, ensuring your global payouts are MAS-regulated and secure with bank-grade encryption.
The Core Differences: Network vs. Wallet
To understand what is paynow and paylah, it is essential to distinguish between the infrastructure and the application:
- PayNow is a transfer service (a rail) available across major banks in Singapore (Citibank, DBS/POSB, HSBC, Maybank, OCBC, Standard Chartered, UOB, etc.). It allows users to send and receive money instantly using just a mobile number or NRIC/FIN.
- DBS PayLah! is a mobile wallet app. You do not need a DBS bank account to use it, but it functions as a stored-value facility. PayLah! supports scanning PayNow QR codes for payments.
Comparison: Panda Remit vs. Singapore Competitors
When using your Singapore funds for international remittance, choosing the right provider is crucial. Below is a comparison of how Panda Remit stacks up against local options like Wise, DBS Remit, and Singtel Dash, specifically regarding speed and PayNow integration.
| Feature | Panda Remit | Wise | DBS Remit | Singtel Dash |
|---|---|---|---|---|
| Regulation | MAS Licensed (PS20200501) | MAS Licensed | MAS Licensed (Bank) | MAS Licensed |
| Transfer Speed | As fast as 2 minutes (24/7 Real-time) | Varies (Minutes to Days) | 1-3 Working Days (typ.) | Instant to specific partners |
| PayNow Integration | Seamless In-App Payment | Supported | N/A (Direct Debit) | Top-up required |
| Exchange Rates | Competitive (Zero hidden fees) | Mid-market rate + Fee | Bank Rate (Higher spread) | Includes FX markup |
How to Use PayNow for Global Remittance: A 3-Step Guide
Leveraging the speed of PayNow combined with Panda Remit's global network allows you to send money to China (Alipay/WeChat), India, Malaysia, and beyond instantly.
- Create Your Remittance Order: Log in to the Panda Remit app. Enter the amount you wish to send. Our system provides a transparent quote with rates significantly better than traditional banks.
- Select PayNow as Payment Method: Choose 'PayNow' as your funding source. This ensures the transaction is processed immediately.
- Complete the Transfer: Save the generated QR code or copy the UEN. Open your banking app (e.g., DBS, OCBC, UOB), scan or paste to pay. Your funds can arrive at the destination in as little as 2 minutes.
Safety and Regulation
Security is paramount when discussing 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 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 finances, consider these related topics:
- Is there a daily limit for PayNow transfers? – Most banks set a default limit (e.g., SGD 1,000 - SGD 5,000), but this can be adjusted in your banking settings to accommodate larger remittances.
- Can foreigners use PayLah without a bank account? – Yes, PayLah! is open to non-DBS customers, but linking a bank account via PayNow is often more efficient for high-volume transfers.
Ready to experience fast, secure, and low-cost global transfers? Register with Panda Remit Singapore today and enjoy zero-fee offers on your first remittance.
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.
