For the three non-banking Financial institutions (NFIs) namely the Grab Financial Group, Liquid Group as well as SingTel’s Dash have been offered up from The Association of Banks in Singapore (ABS) who have announced offering up for the initial time PayNow offer from Tuesday 09th of February 2021.
This paradigm shift or action will empower their clients to service their NFI E-wallets for giving or receiving real-time instantaneous fund transfers with the PayNow, without requirement for the E-Wallet account details furnished.
These fund transfers can be done between the Bank accounts as well as E-Wallets, and to other e-wallets across Singapore territory. The addition of the three NFIs core objectives is to enhance the embracing and procedure of PayNow and fast-track Singapore’s route towards a less-cash, as well as digital economy.
The accumulation of the three NFIs carries the total number of PayNow partaking foundations to 12.
The other nine PayNow banks are as follows: –
- Bank of China.
- Citi Singapore.
- DBS Bank/POSB.
- Industrial as well as Commercial Bank of China.
- OCBC Bank
- Standard Chartered Bank
For sustenance of this project, a newer proxy known as the Virtual Payment Address (VPA) and has been made available in addition with the prevailing PayNow proxies; mobile numbers, NRIC/FIN numbers as well as Unique Entity Numbers (UENs).
VPA permits entities to link their mobile number with an NFI ewallet, while trust their existing PayNow registering that is linked to a bank account. Similar to the nine PayNow bank apps, clients will also be bright to utilize these NFI e-wallets to make payments to merchants by perusing their PayNow-SGQR labels in 2021.
ABS reported that as of 24 January 2021, the total number of PayNow registrations is nearby to five million, including 2.73 million mobile number, 1.98 million NRIC/FIN number, and 280k UEN registrations.
The association further that more than S$50 billion has been being executed utilizing PayNow since its unveiling in July 2017, with monthly transaction values crossing $5.08 billion in December 2020. The Monetary Authority of Singapore had initial made the declaration that NFIs licensed as a foremost payment institution under the Payment Services Act will be permissible to join directly to Fast and Secure Transfers (FAST) and PayNow.