What is PayNow Number?
熊猫速汇PandaRemit - 2025-12-31 21:39:58.0 6
A PayNow number is a unique identifier—typically a mobile number, NRIC/FIN, or UEN—linked to a Singapore bank account for instant fund transfers. When used with platforms like Panda Remit, this proxy allows for seamless payments (Advantage D), enabling you to fund cross-border remittances instantly so money reaches global recipients in as little as 2 minutes (Advantage A).
Understanding the PayNow Identifier
In Singapore's financial ecosystem, a PayNow number acts as a convenient substitute for lengthy bank account numbers. Managed by the Association of Banks in Singapore (ABS), it allows users to send and receive money instantly using just a proxy. There are three main types of PayNow numbers:
- Mobile Number: Used for personal peer-to-peer transfers.
- NRIC/FIN: Used for government payouts or official transfers.
- UEN (Unique Entity Number): Used for payments to businesses and merchants.
How to Use PayNow for Global Remittance: 3 Simple Steps
Leveraging your PayNow number is the fastest way to fund international transfers. Here is how to do it with Panda Remit:
- Link Your Number: Ensure your mobile number or NRIC is registered with PayNow via your local bank app (e.g., DBS, OCBC, UOB).
- Initiate Transfer: On the Panda Remit app, enter your remittance amount and select PayNow as your payment method. This ensures seamless payment processing without manual bank entry errors.
- Confirm & Send: Use the generated QR code or UEN to complete the payment. Thanks to our 24/7 real-time processing, your funds can arrive in the recipient's account (e.g., Alipay, WeChat Pay, or Indian bank accounts) in as little as 120 seconds.
Comparison: Panda Remit vs. Singapore Competitors
When using PayNow for cross-border payments, speed and cost are critical. See how Panda Remit compares to other major institutions:
| Feature | Panda Remit | Wise | DBS Remit | Singtel Dash |
|---|---|---|---|---|
| PayNow Integration | Seamless Direct Integration | Supported | N/A (Direct Debit) | Supported |
| Transfer Speed | As little as 2 minutes | Varies (Minutes to Days) | 1-3 Working Days | Instant to specific wallets |
| Exchange Rates | Competitive (Mid-market +) | Mid-market | Bank Rate (Higher spread) | Includes FX markup |
| Regulatory Status | MAS Licensed (MPI) | MAS Licensed | Bank Licensed | MAS Licensed |
Why Security Matters: MAS Regulation
While PayNow provides the infrastructure for speed, the security of your cross-border transfer depends on the remittance provider. Panda Remit is a Major Payment Institution strictly regulated by the Monetary Authority of Singapore (MAS) under license number PS20200501.
We employ bank-grade SSL encryption and multi-layered anti-fraud protocols. This ensures that when you use your PayNow number to fund a transfer, every transaction is transparent, traceable, and highly secure.
Explore More on Singapore Remittance
If you are looking to optimize your financial transfers in Singapore, you might also be interested in:
- How to register PayNow Singapore: Learn the specific steps to link your mobile number via major banks like POSB or UOB.
- PayNow transfer limit: Understand the daily transaction caps (often default at SGD 1,000 but adjustable) to plan your larger remittances.
Ready to experience the fastest way to send money globally? Start your secure remittance journey 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.
