{"id":490022,"date":"2021-02-10T05:30:12","date_gmt":"2021-02-10T05:30:12","guid":{"rendered":"https:\/\/ibsintelligence.com\/?p=490022"},"modified":"2021-09-21T12:05:45","modified_gmt":"2021-09-21T12:05:45","slug":"grab-financial-group-liquid-group-and-singtels-dash-now-offer-paynow","status":"publish","type":"ibsi_news","link":"https:\/\/ibsintelligence.com\/ibsi-news\/grab-financial-group-liquid-group-and-singtels-dash-now-offer-paynow\/","title":{"rendered":"Grab Financial Group, Liquid Group and Singtel’s Dash now offer PayNow"},"content":{"rendered":"

\"Grab<\/a>3 Non-bank Financial Institutions (NFIs) – Grab Financial Group, Liquid Group and Singtel\u2019s Dash will now be offering the PayNow service, as announced by the Association of Banks in Singapore (ABS). PayNow is a peer-to-peer funds transfer service<\/a>.<\/p>\n

The announcement is good news for users of the e-wallet users of these NFIs where they will be enabled to\u00a0make or receive real-time funds transfers with PayNow, without the need for e-wallet account details.<\/p>\n

Funds transfers can be made between bank accounts and e-wallets, as well as across e-wallets. To support this, a new proxy called the Virtual Payment Address (VPA) has been made available, in addition to the existing PayNow proxies – mobile numbers, NRIC\/FIN numbers and Unique Entity Numbers (UENs).<\/p>\n

VPA helps individuals distinguish between PayNow registrations that are linked to bank accounts, from those linked to NFI e-wallets. VPA allows individuals to link their mobile number with an NFI e-wallet while keeping their existing PayNow registration that is linked to a bank account. Similar to the nine PayNow bank apps, customers will also be able to use these NFI e-wallets to make payments to merchants by scanning their PayNow-SGQR labels in 2021.<\/p>\n

This is the first time PayNow has been made available to non-banks. In November 2020, the Monetary Authority of Singapore (MAS) announced that eligible NFIs will have direct access<\/a> to the banking system\u2019s retail payments infrastructure from February 2021.<\/p>\n

The addition of the three NFIs is expected to boost the adoption and usage of PayNow and accelerate Singapore\u2019s path towards a less-cash, digital economy. The addition of the three NFIs brings the total number of PayNow participating institutions to 12. This includes the nine banks: Bank of China, Citi Singapore, DBS Bank\/POSB, HSBC, Industrial and Commercial Bank of China, Maybank, OCBC Bank, Standard Chartered Bank, and UOB.<\/p>\n

As of January 24, 2021, the total number of PayNow registrations is close to five million, including 2.73 million mobile number, 1.98 million NRIC\/FIN number, and 280k UEN registrations. More than S$50 billion has been being transacted using the service since its launch in July 2017, with monthly transaction values crossing $5.08 billion in December 2020.<\/p>\n","protected":false},"author":13,"featured_media":490036,"parent":0,"template":"","categories":[11376,11384],"tags":[14855,12192,11478],"class_list":["post-490022","ibsi_news","type-ibsi_news","status-publish","has-post-thumbnail","hentry","category-digital-banking","category-payments","tag-grab-liquid-group","tag-paynow","tag-singapore"],"acf":[],"yoast_head":"\nGrab Financial Group, Liquid Group and Singtel's Dash now offer PayNow<\/title>\n<meta name=\"description\" content=\"3 NFIs - Grab Financial Group, Liquid Group and Singtel's Dash will now be offering the PayNow service, as announced by the ABS.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ibsintelligence.com\/ibsi-news\/grab-financial-group-liquid-group-and-singtels-dash-now-offer-paynow\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Grab Financial Group, Liquid Group and Singtel's Dash now offer PayNow\" \/>\n<meta property=\"og:description\" content=\"IBS Intelligence (IBSi) is the world\u2019s only pure-play Financial Technology focused research, advisory, and fintech news analysis firm, with a 30-year track record and clients globally. 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