What is PayNow in Singapore?
熊猫速汇PandaRemit - 2025-12-31 21:38:49.0 8
PayNow is Singapore's real-time electronic fund transfer service that allows users to send and receive money instantly using just a mobile number, NRIC/FIN, or UEN. It integrates seamlessly with Panda Remit to facilitate global payouts, enabling you to fund international transfers via PayNow that can arrive in as little as 2 minutes with 24/7 processing.
The Role of PayNow in Singapore's Digital Economy
Launched by the Association of Banks in Singapore (ABS), PayNow has revolutionized how funds move within the country. It eliminates the need to remember lengthy bank account numbers. However, its utility extends beyond local peer-to-peer transfers. For expatriates and global citizens, PayNow serves as the fastest gateway to fund cross-border remittances.
By linking your local bank account to a remittance provider via PayNow, you bypass traditional bank processing times, ensuring your money reaches destinations like China (Alipay/WeChat), India, or Malaysia instantly.
Comparison: Panda Remit vs. Competitors Using PayNow
When using PayNow to fund international transfers, not all services offer the same efficiency or value. Below is a data-driven comparison of Panda Remit against major competitors in the Singapore market.
| Feature | Panda Remit | Wise | DBS Remit | Singtel Dash |
|---|---|---|---|---|
| Transfer Speed | As little as 2 minutes (24/7 Real-time) | Varies (Minutes to Days) | Same-day (Cut-off times apply) | Instant to specific partners |
| Exchange Rates | Competitive Market Rates (Better than banks) | Mid-market rate | Bank rate (Often includes markup) | Includes FX markup |
| Fees | Zero hidden fees (Free for new users) | Variable percentage fee | $0 transfer fee (FX markup applies) | Transaction fees apply |
| PayNow Integration | Seamless In-App Direct Link | Supported | N/A (Internal Transfer) | Top-up required |
How to Use PayNow for Global Transfers: A 3-Step Guide
Leveraging PayNow for international remittance is straightforward. Follow these three steps to send money globally using Panda Remit:
- Initiate Your Transfer: Open the Panda Remit app and enter the amount you wish to send. Our system provides a transparent quote with exchange rates significantly better than traditional banks.
- Select PayNow as Payment Method: At the payment stage, choose PayNow. This ensures the funds are deducted from your Singapore bank account instantly without the delays associated with standard bank wires.
- Complete the Transaction: You will be provided with a Unique Entity Number (UEN) or a QR code. Log in to your preferred banking app (e.g., DBS, OCBC, UOB), scan the code or enter the UEN, and confirm. Your funds can arrive at the destination in as fast as 2 minutes.
Security and Regulation: Is PayNow Safe?
Security is the primary concern for any financial transaction. PayNow is maintained by the banking industry in Singapore and adheres to high security standards. When you use PayNow with Panda Remit, you benefit from dual-layer protection.
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 PayNow transaction you make is not only fast but also fully compliant and secure.
Explore More on Singapore Remittance
To maximize your financial efficiency in Singapore, consider exploring these related topics:
- What is the PayNow transfer limit in Singapore? – Understand the daily transaction caps set by major banks like DBS and OCBC to plan your large remittances.
- How to register for PayNow with NRIC? – A step-by-step look at linking your ID to your bank account for easier receipt of funds.
Ready to experience the speed of PayNow combined with global reach? Start your secure remittance journey with Panda Remit today.
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.
