Introduction
PayNow is the ultimate destination for people who are looking for a hassle-free payment method. Now anyone can shop from anywhere without having to punch in lengthy bank account numbers because PayNow allows you to make payments with just a mobile number. Moreover, it’s an even more secure option than other payment options as it is created by a team of highly qualified programmers. By creating an account on PayNow, you can now transfer up to S$200,000 daily via PayNow and S$300,000 if you are a premier account holder. To start transferring money from one account to another you just need to have a mobile number or NRIC(Singapore National Registration Identification Card number) and it’s important to understand how to activate PayNow accounts for hasslefree transactions.
Keep reading further as all your doubts regarding PayNow will be cleared by the end of this article.
How to activate PayNow and how does PayNow work
PayNow is a digital platform that enables you to transfer funds using your mobile number or NRIC number. To transfer the money you should own a PayNow account and learn how to activate PayNow. The steps required to create a Paynow account are given below:
1.First of all login into your mobile banking app or Internet banking app.
2.You have to link your mobile number or NRIC number.
3.Now you can transfer or receive the funds easily.
Below are the steps that you have to follow for easy transfer of funds:
i.Login to your Internet banking or mobile banking app.
ii.Choose the option PayNow.
iii.Enter the receiver’s mobile or NRIC number.
iv.Verify the name and amount.
v.And yes your money got transferred without any hassle.
You can also increase PayNow limit without the need to change PayNow account.
Normally, everyone has access to the mobile numbers of their relatives and friends and with PayNow anyone can transfer the money with just a phone number. Isn’t it incredibly convenient?
Participating banks of PayNow in Singapore
If you are thinking of creating an account in PayNow, you can be glad that numerous Singaporean Banks including Maybank, OCBC Bank, Standard Chartered Bank, United Overseas Bank and many more are associated with it. You can easily transfer your Singapore Dollars if you have an account in any of the above banks.
Advantages of Using PayNow
1.It is a user-friendly platform that ensures convenience.
2.You can transfer money without knowing anyone’s account number.
3.Quick transfer of funds.
4.It is a secured option for funds transfer.
5.There is a lower risk of theft if you use PayNow.
6.Transferring money via PayNow is free of cost.
Disadvantages of using PayNow
1.You will need an internet connection as it is an online app and it invites many network glitches.
2.The app is a bit complex for new smartphone users.
3.Pre-registration of bank accounts is mandatory.
4.Cybercriminals may hack your account as it is available online.
Increase pay now limit
If you have set a wrong pay now daily limit then you can change the limits following the steps given below:-
●Login to your respective mobile Banking app.
●Click the menu on the top left of the screen.
●Click on “Transfer” > “Singapore account”.
●Select one of the PayNow modes (via mobile number, NRIC/FIN, UEN).
●Select the “Change limit” option on the bottom right of the screen. The limits are, S$5,000, S$10,000, S$25,000, S$50,000, S$100,000 and S$200,000.
●Now you can select your preferred PayNow daily transfer limit from the given options.
When you change the limit, it will reflect on both mobile banking and internet banking.
How to deregister from PayNow?
Steps to deregister from Paynow are given below if you don’t find it useful:-
1.If you want to deregister your mobile no. then you have to write a text message to 77767, Paynow Deregister Mobile and send it to 77767.
2.If you want to deregister your NRIC number then type, Paynow Deregister NRIC and send it to 77767.
By following the above simple steps you can deregister your number from Paynow.
Conclusion
PayNow has been making people’s lives easier since 2017 when it was founded by ABS(Association of Banks in Singapore). It provides you with convenience and ease, enabling you to shop for hours without having to worry about complex payment methods. As it is one of the best digital payment platforms you should create an account on PayNow and learn how to activate PayNow account to get the best online payment services. It will make your life significantly easier as you can now transfer without any stress and worries.
Lastly, with the PayNow you can transfer funds to your relatives as a gift, with just their mobile number, isn’t it amazing? So, hurry up! Create an account on PayNow and enjoy the benefits!
