Singapore's Association of Banks has released a new feature that makes it easier than ever for bank customers to transfer funds between different banks, using little more than the cellphone number of the recipient.
Aptly dubbed 'PayNow', the service is available to customers of the association's seven banks, including HSBC and Standard Chartered Bank. Customers can connect their bank account number to their cellphone, allowing them to quickly and easily make money transfers without having to know the bank account number of the recipient. The service is also designed to minimize the hassle associated with changing your phone number, with customers easily able to delete old numbers and add new ones.
The entry of PayNow into the payments sector is timely given the quickening steps being taken to convert Singapore into a cashless market.
Instantaneous Mobile Payments
The 'PayNow' Service Lets Singaporeans Transfer Money Through Phones
Trend Themes
1. Instantaneous Mobile Payments - Singapore's 'PayNow' service makes it easier than ever for users to transfer funds between different banks using just a phone number.
2. Cashless Markets - PayNow's entry into the payments sector is timely given Singapore's drive towards becoming a cashless market.
3. Banking Connectivity - PayNow creates new opportunities for banking customers to connect and transfer funds with ease.
Industry Implications
1. Banking - The PayNow service is set to revolutionize the banking industry by introducing a new level of banking connectivity.
2. Payment Services - PayNow transforms how payment service providers interact with their customers by offering simple and instantaneous mobile payments.
3. Mobile Technology - PayNow's use of mobile technology to enable instant payments creates opportunities for innovation in mobile payments and beyond.