United Overseas Bank's (UOB) PayNow goes live today, enabling its customers to be one of the first in Singapore to pay and be paid via the service on their social messaging apps, according to a report by Todayonline on July 10, 2017.
Using PayNow, customers can transfer money through their bank's mobile or Internet banking service to a registered recipient with just their mobile phone number, NRIC or FIN.
In a statement by the Association of Banks in Singapore (ABS) last month, Citibank Singapore, DBS Bank/POSB, HSBC, Maybank, OCBC Bank and Standard Chartered Bank will also be offering the PayNow service.
Seven in 10 Singaporeans today use social messaging apps for a host of purposes - and with UOB MyKey, customers can add PayNow transactions to the list of things that they could do on these apps, said Jacquelyn Tan, Head of Personal Financial Services Singapore at UOB.
The bank has also made UOB MyKey compatible with e-commerce mobile apps such as Carousell, which means that UOB customers can pay for their purchases without having to leave the app to transfer money to the seller. This means that sellers can receive payment almost instantly and buyers would be able to complete their purchases faster.