It's vital that you know the differences that distinguish each payment service and platform. Apart from restrictions, understanding how each cashless payment method or platform works enables you to take advantage from every dollar spent.
If you're unsure concerning the distinction between PayNow, Pay Anyone and PayLah!, here is a handy help guide to assist you to learn more about each payment method and that you simply should use.
PayNow is really a free funds-transfer service that allows you to transfer money with your recipient's mobile number or NRIC/FIN number or perhaps a QR code. This feature is unlocked if those details are registered and from the payee's banking account number.
The payee will get funds via PayNow once they possess a Singapore banking account and among the PayNow participating banks – – Bank of China, Citibank Singapore Limited, DBS Bank/POSB, HSBC, Industrial and Commercial Bank of China Limited, Maybank, OCBC Bank, Standard Chartered Bank, and UOB.
When To Use: Peer-to-peer transfer, merchants who accept PayNow.
How To Use:
- Log in to your bank's mobile bank or internet banking service
- Open the PayNow tab
- Enter your recipient's mobile number or NRIC number or Unique Entity Number (UEN) or scan the PayNow QR
How To join up: You can activate PayNow functionality by registering through your chosen bank's online banking account. Registration is not needed for funds transfer via PayNow, but you do need it to receive funds via PayNow.
#2 OCBC Pay Anyone
OCBC Pay Anyone is an app that enables OCBC people to send money to anyone or make NETS QR purchases up to a daily limit of S$1,000. This extends to meals, shopping, taxi rides or perhaps payment at NETS terminal at participating merchants and food outlets.
Customers can also request for money through a personalised QR code through the app.
When To Use: At compatible merchant points, and when your purchases or money gets in your peers are under S$1,000.
How To Use / How To Register: Download the OCBC Pay Anyone app and activate OCBC Pay Anyone service together with your OCBC internet banking account, PIN and OTP delivered to your registered mobile number.
#3 DBS PayLah!
DBS PayLah! is really a mobile wallet with payment functionality for your peers or merchants. It's not necessary to be considered a DBS / POSB account holder to use PayLah!.
DBS PayLah! may be used to pay common bills for example hospital bills, taxes, HDB housing loan instalments, telco bills and more. You may also have your QR gifts credited into your PayLah! wallet.
DBS PayLah! is now supporting PayNow. This means that you can send money through DBS PayLah! to someone who does not have a PayLah! account as long as they are registered with PayNow.
When To make use of: When you need to save the irritation of logging into your internet banking account to make a simple transfer, or when you want to split up your funds employed for different payment functionalities.
How To Use: Log directly into your DBS PayLah! app and enter your recipient's mobile number for a peer-to-peer transfer, or select the billing organisation and enter your bill reference number to create a bill payment.
Alternatively, you can make payment with integrated merchants such as Golden Village, SISTIC and ChopeDeals by launching their page with the relevant icons inside the app itself.
How To Register: Download the PayLah! app. Link your DBS / POSB bank account to your app if you are a existing DBS / POSB customer. Otherwise, you are able to register by allowing DBS to retrieve the necessary information from your MyInfo profile. This is applicable only if you're a Singaporean or Permanent Resident.
Other Peer-To-Peer Transfer Services
Other cashless and peer-to-peer transfer services have mushroomed recently. Examples include GrabPay, FavePay, Singtel Dash, and Alipay and Wechat Pay if you are travelling to China.
The pervasiveness and variety of mobile payment methods reveal how their convenience and functionality have become integral within our lives. At the same time, many of these apps allow you to connect your charge cards to top-up funds. This allows you to chalk up more points and rewards based on your credit card, enabling you to stretch the need for every purchase.
On another hand, payment techniques that integrate merchants and provide promotions encourage users to make the the majority of every purchase making every dollar spent go beyond it usually can, when compared with cash payments.