FAST
Singapore's interbank transfer service for near-immediate transfers between accounts at participating banks. PayNow is the layer that sits on top of it and lets a transfer be addressed to a mobile number or a UEN rather than to an account number — which is why a PayNow payment behaves like a transfer and not like a card.
Why it matters to a merchant
Mostly worth knowing because it explains a difference merchants feel without being able to name: a PayNow payment is a transfer between bank accounts, so it does not behave like a card. There is no authorisation and capture, no chargeback in the card sense, and a mistaken payment is recovered by asking the recipient rather than by a dispute process.
Read more: Dynamic PayNow, static PayNow and SGQR: what a merchant needs to know
Where this comes up
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Related terms
In this section: The methods themselves