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F r o m W i k i p e d i a , t h e f r e e e n c y c l o p e d i a
Digital payment system for inter-bank transfers in Singapore
PayNow is a near-instant real-time payment system developed by Association of Banks in Singapore .[1] peer-to-peer and person-to-merchant transactions. The system is supported by all major Singaporean banks and is regulated by the Monetary Authority of Singapore (MAS) and works by transferring funds between two bank accounts.
Payments can be made to any registered Singaporean mobile number , NRIC , corporate Unique Entity Number (UEN) or Virtual Payment Address (VPA).[1] QR codes is also an option. PayNow is linked with other payment providers including Stripe ,[2] DuitNow (Malaysia),[3] PromptPay (Thailand)[4] UPI (India).[5]
In 2020, 125 million transactions worth S$ 22 billion were processed through PayNow.[6]
International collaboration
[ edit ]
Pro j ect Nexus
[ edit ]
The Bank for International Settlements signed an agreement with Central Bank of Malaysia , Bank of Thailand , Bangko Sentral ng Pilipinas , Monetary Authority of Singapore , and the Reserve Bank of India on 30 June 2024 as founding member of Project Nexus, a multilateral international initiative to enable retail cross-border payments. Bank Indonesia involved as a special observer. The platform, which is expected to go live by 2026, will interlink domestic fast payment systems of the member countries.[7]
References
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^ Ganapathy, Kurt (27 September 2021). "Singapore's PayNow to be linked with Malaysia's DuitNow in phases from 2022" . CNA . Archived from the original on 28 December 2023.
^ "Initiative: BoT and MAS's PromptPay-PayNow link" . Central Banking . 31 March 2022. Archived from the original on 2 December 2023.
^ Ang, Prisca (14 September 2021). "PayNow to link with India's UPI for instant, low-cost fund transfers" . The Straits Times . Archived from the original on 24 February 2023.
^ Yong, Clement (4 October 2021). "PayNow transactions doubled to $22 billion in 2020, on track to set higher record this year" . The Straits Times . Archived from the original on 3 December 2022.
^ Kawale, Ajinkya (1 July 2024). "RBI, four Asean countries tie up for cross-border payments platform" . Business Standard . Retrieved 2 July 2024 .
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Local banks
Foreign banks
Qualifying
Full banks
Wholesale
Offshore
Interbank networks
R e t r i e v e d f r o m " https://en.wikipedia.org/w/index.php?title=PayNow&oldid=1232152372 " C a t e g o r i e s : ● 2 0 1 7 e s t a b l i s h m e n t s i n S i n g a p o r e ● P a y m e n t i n t e r c h a n g e s t a n d a r d s ● I n t e r b a n k n e t w o r k s ● B a n k i n g i n S i n g a p o r e ● M o b i l e p a y m e n t s ● M o b i l e p a y m e n t s i n S i n g a p o r e ● P a y m e n t n e t w o r k s ● O n l i n e p a y m e n t s H i d d e n c a t e g o r i e s : ● U s e d m y d a t e s f r o m A u g u s t 2 0 2 2 ● A r t i c l e s w i t h s h o r t d e s c r i p t i o n ● S h o r t d e s c r i p t i o n m a t c h e s W i k i d a t a
● T h i s p a g e w a s l a s t e d i t e d o n 2 J u l y 2 0 2 4 , a t 0 6 : 4 9 ( U T C ) . ● T e x t i s a v a i l a b l e u n d e r t h e C r e a t i v e C o m m o n s A t t r i b u t i o n - S h a r e A l i k e L i c e n s e 4 . 0 ;
a d d i t i o n a l t e r m s m a y a p p l y . B y u s i n g t h i s s i t e , y o u a g r e e t o t h e T e r m s o f U s e a n d P r i v a c y P o l i c y . W i k i p e d i a ® i s a r e g i s t e r e d t r a d e m a r k o f t h e W i k i m e d i a F o u n d a t i o n , I n c . , a n o n - p r o f i t o r g a n i z a t i o n . ● P r i v a c y p o l i c y ● A b o u t W i k i p e d i a ● D i s c l a i m e r s ● C o n t a c t W i k i p e d i a ● C o d e o f C o n d u c t ● D e v e l o p e r s ● S t a t i s t i c s ● C o o k i e s t a t e m e n t ● M o b i l e v i e w
