PayNow is a Singapore Dollar payment service that lets users send and receive money without sharing a bank account number. A person can receive through a linked mobile number, Singapore NRIC/FIN or supported Virtual Payment Address, while a business or other entity can receive through a linked UEN or PayNow QR. For 2026, the practical checks are simple: register the right proxy to the right account, verify the displayed payee name before confirming, and check your bank’s own transfer limit before using PayNow for a larger payment. PayNow is also entering a new development phase: MAS and the Association of Banks in Singapore announced the PayNow Generation 2 study on 25 June 2026, covering planned QR interoperability, smoother online checkout and other payment capabilities that are being developed or tested rather than treated as fully available services today.
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PayNow Gen 2 Study
Last verified: 10 August 2026
PayNow Main Details
PayNow
Instant Singapore Dollar transfers using a registered proxy instead of a bank account number
FAST for domestic Singapore Dollar transfers
Mobile number, Singapore NRIC/FIN and supported Virtual Payment Address
Unique Entity Number, usually shown as UEN
PayNow QR and SGQR with the PayNow logo; wider PayNow and NETS QR interoperability is being studied under PayNow Generation 2
24 hours a day, 365 days a year through participating banks and major payment institutions
PayNow Generation 2 study announced on 25 June 2026; selected enhancements are planned for pilots or later implementation
ABS PayNow page
PayNow is not a separate deposit account. It is a proxy layer that points the payer to the recipient’s linked bank or eligible e-wallet account. The fund movement runs through Singapore’s instant transfer infrastructure, so users comparing payment methods should also understand FAST transfers in Singapore.
Which PayNow Proxy to Link
The right PayNow proxy depends on who is receiving money and how easily the payer can verify the recipient. A proxy is easier to type than a bank account number, but it should still match the person, business or wallet you expect to pay.
| Proxy Or Method | Who Uses It | Linked Account | Verification Point | Typical Use |
|---|---|---|---|---|
| Mobile number | Individuals with a mobile number recorded by their bank or eligible payment institution | Usually a savings, current or eligible wallet account, depending on the participant | The mobile number should match the recipient’s bank records and the displayed PayNow name | Friends, family transfers, reimbursements and small merchant payments |
| Singapore NRIC or FIN | Singapore Citizens, PRs and eligible foreigners whose identification number is recorded by the bank | A selected bank account or eligible account type supported by the participant | The payer should confirm the masked or registered payee name before confirming | Personal receipts, allowances, refunds and government-related payments where NRIC/FIN is used |
| UEN | Singapore-registered entities, businesses, government agencies, associations and societies | A corporate account or eligible entity account with a participating bank or payment institution | The payer should compare the displayed registered entity name with the invoice or official record | Invoices, retail collections, bills, corporate receipts and business-to-business payments |
| Virtual Payment Address | Users of participating major payment institution e-wallets | An eligible e-wallet account rather than a normal bank account | The VPA format and suffix should match the wallet provider’s instructions | Receiving funds into a supported e-wallet while keeping a bank-linked PayNow proxy separate |
| PayNow QR or SGQR | Consumers, merchants, charities and entities displaying a QR code with the PayNow logo | The account or proxy encoded behind the QR code | Scan through a bank app or supported payment app and check the payee name before payment | Counter payments, bills, donation pages and invoices |
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PayNow reduces the need to share account numbers, but not every Singapore transfer uses PayNow. Account-number transfers, GIRO setups and some corporate workflows may still require a Singapore bank code or other account details.
How to Link a Mobile Number, NRIC, FIN or UEN
Check Your Bank Records First
Use the mobile number, NRIC or FIN already recorded with your bank. If your mobile number, FIN or NRIC has changed, update the bank’s records before registering or moving a PayNow proxy.
Choose the Proxy
Individuals usually choose mobile number, NRIC or FIN. Entities use their UEN and, where the bank supports it, may add a short UEN suffix to separate collections for different accounts or business units.
Select the Receiving Account
Choose the account that should receive incoming PayNow funds. For personal users, this is often a savings or current account. For businesses, it is usually a Singapore Dollar corporate account that supports PayNow Corporate.
Confirm the Registration
Most banks ask for digital token approval, SMS OTP or another authentication step. After confirmation, check the PayNow profile screen to verify that the proxy and linked account are correct.
Registration screens vary by bank. DBS, OCBC, UOB, Maybank, Standard Chartered, HSBC and other participants may use different labels inside their mobile banking or corporate banking platforms. Use the bank’s official PayNow help page when a menu name, account type or transfer limit is unclear.
PayNow Linking Rules That Matter
One Proxy Links to One Account
The same mobile number, NRIC, FIN or exact UEN proxy cannot be linked to two accounts at the same time. If the proxy is already registered elsewhere, it usually has to be de-registered before it can be registered again.
Different Proxies Can Be Split
A user may link one proxy to one account and another proxy to a different account, subject to the participating bank’s rules. For example, a mobile number and NRIC/FIN do not have to point to the same account.
UEN Suffixes Are Bank-Specific
Some corporate banking platforms allow a short alphanumeric suffix after the UEN so an entity can create more than one PayNow proxy. Confirm the exact suffix format with the business bank before printing invoices or QR codes.
For people opening or switching accounts, PayNow setup is one of the post-account steps to check after debit card access and digital banking login. Account eligibility and onboarding documents are covered separately in the account opening documents page.
What to Check Before Sending a PayNow Transfer
Do not confirm a PayNow transfer based only on a phone number, QR code or invoice screenshot. Check the displayed payee name, amount, reference and payment purpose before authorising the transfer. If the name does not match the person or entity you expect, stop and verify through a trusted channel.
| Scenario | Recipient Identifier | Name Check | Limit Check | Alternative Method | Service Note |
|---|---|---|---|---|---|
| Paying a friend or family member | Mobile number, NRIC or FIN | Selected letters or registered payee name should match the recipient | Use your bank app’s PayNow daily limit screen | FAST account-number transfer if the recipient is not registered for PayNow | Save the payment reference if the transfer is for shared bills or reimbursements. |
| Paying a business invoice | UEN, UEN with suffix or PayNow QR | Displayed entity name should match the invoice or official business record | Confirm whether your personal or corporate PayNow limit is enough | FAST, GIRO or MEPS depending on value, timing and account requirements | Do not rely on a copied UEN alone if the invoice details changed unexpectedly. |
| Scanning a merchant QR | PayNow QR or SGQR with PayNow logo | Merchant name and payment amount should be reviewed before confirmation | Check app limit, card-linked limits and account balance | Card, GIRO or bank bill payment if the QR payment fails | PayNow and NETS remain separate QR schemes in the current setup. A Gen 2 interoperability pilot is planned, so do not assume every PayNow-enabled app can already pay every NETS QR. |
| Collecting customer payments as a business | UEN, UEN suffix or PayNow QR | Payers should see the registered entity name | Collection limits and notifications depend on the business bank | eGIRO, cards or bank transfer for recurring or high-volume collections | ABS states that entities are prohibited from imposing surcharges on consumers for PayNow transactions. |
| Receiving to an e-wallet | Virtual Payment Address | VPA suffix and displayed name should match the wallet provider | Check wallet balance and receiving limits | Bank-linked PayNow proxy if the sender cannot pay to the VPA | VPA helps separate bank-linked registrations from participating wallet registrations. |
| Using a PayNow cross-border corridor | Corridor-specific identifier such as mobile number, VPA or overseas payment ID | Name display rules may differ from domestic PayNow | Bank, corridor, FX and receiving-country rules apply | Remittance or bank telegraphic transfer for unsupported destinations | For travel payments, compare PayNow-linked options with cross-border QR payments. |
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PayNow Limits, Fees and Bank Controls
Retail Fees
ABS describes PayNow as provided free to retail customers of participating banks and major payment institutions. Business account fees, merchant services and cross-border charges may differ, so check the bank or wallet screen before confirming.
Transfer Limits
PayNow limits are set and managed by the bank or payment institution. Some banks provide user-adjustable daily limits and may apply a waiting period before higher limits become active.
Corporate Controls
Corporate users may have maker-checker approval, account entitlements, payment references and bank-specific UEN suffix settings. Treasury teams should confirm both PayNow Corporate and ordinary transfer limits before using PayNow for larger invoices.
For payments that do not fit PayNow limits or recipient registration, compare the cost and timing against interbank transfer fees and your bank’s current transfer settings.
PayNow vs FAST, GIRO and MEPS
| Payment Method | Best For | Identifier Used | Timing Pattern | What to Check |
|---|---|---|---|---|
| PayNow | Proxy-based personal, merchant and business payments | Mobile number, NRIC/FIN, UEN, VPA or QR | Usually instant through participating institutions | Displayed payee name, transfer limit, correct proxy |
| FAST | Domestic account-number transfers where PayNow proxy is not used | Bank, account number and sometimes bank or branch code details | Near real-time for participating banks | Recipient bank, account number, name and transfer limit |
| GIRO | Recurring bill payments, salary-related flows and authorised deductions | Bank account details and approved mandate | Scheduled or batch-based | Mandate approval, deduction date, reference and bank account |
| MEPS+ | High-value Singapore Dollar interbank settlement and treasury use cases | Bank and settlement details | Bank-managed settlement process | Cut-off time, bank charges, documentation and approval authority |
2026 PayNow Display Name Change
From 6 June 2026, the PayNow nickname feature for retail customers is no longer available. For domestic transfers to retail payees, payers see selected letters of the retail payee’s registered account name instead of a user-set nickname. ABS stated that no action was needed from retail customers for the change, and other aspects of sending and receiving money through PayNow were not changed by the nickname removal.
| Area | Before 6 June 2026 | From 6 June 2026 | User Action |
|---|---|---|---|
| Retail payee nickname | A retail customer may have a user-set PayNow nickname | Selected letters of the registered account name are shown to the payer | No action stated by ABS for existing retail registrations |
| Retail payer view | The payer may see the payee nickname or account name depending on setup | The payer sees selected letters of the retail payee’s registered account name | Review the displayed name before confirming the transfer |
| Corporate UEN payee | Businesses do not use the retail nickname feature | The registered corporate account name continues to be shown | Keep bank records and invoice details aligned |
| Payer name in recipient records | The payer’s full account name may appear in the recipient’s bank records | ABS and bank FAQs state that the payer’s full account name display remains part of transaction records | Use PayNow only when you are comfortable with the normal transaction record display |
Verification source: see the ABS PayNow nickname release and your own bank’s PayNow help page for how the name display appears inside its app.
PayNow Generation 2: What Is Changing in 2026?
MAS and the Association of Banks in Singapore announced the PayNow Generation 2 study on 25 June 2026 after consultations with industry participants and comparisons with other instant-payment systems. The work focuses on how PayNow could handle merchant QR payments, online checkout, larger-value public-sector payments and newer payment flows more smoothly. These changes are being developed in stages, so the Gen 2 plans should be separated from PayNow functions that consumers can already use.
PayNow Generation 2 is not a single consumer feature that became fully available on 25 June 2026. As of 10 August 2026, several announced items are pilots, planned work or longer-term capabilities. Continue to follow the payment methods and QR compatibility shown by your bank or payment app today.
| Gen 2 Area | What Is Being Considered | 2026 Status | What It Means for Users |
|---|---|---|---|
| PayNow and NETS QR interoperability | Allow a customer using a PayNow-enabled banking or payment app to pay a merchant displaying a NETS QR code, reducing the current separation between the two QR schemes. | Pilot targeted by the end of 2026. | Do not assume this cross-scheme QR capability is already universal. Use the payment logos and scanning options currently supported by your app until the pilot and later rollout are confirmed. |
| Online checkout and deep-linking | Embed payment information into a link that can move a customer from an online merchant checkout to a banking or wallet app with payment details prepared for confirmation. | Targeted for development within one year of the 25 June 2026 announcement. | The planned flow is intended to reduce steps such as saving a PayNow QR image, switching apps and uploading the QR during an online purchase. |
| Larger-value public-sector payments | Test PayNow for selected larger-value payments to government agencies where payment processes may currently use methods such as GIRO. | Preparatory work is part of the Gen 2 programme, with a sandbox with selected government agencies planned for 2027. | This does not raise every customer’s PayNow limit or replace GIRO for all government payments. Bank limits and agency payment instructions still apply. |
| New payment capabilities | Possible functions include request-to-pay, structured payment data for automated reconciliation, support for low-value high-frequency payments, wider cross-border connectivity, offline-payment resilience and functions intended for newer forms of digital commerce. | Longer-term work. MAS and ABS stated that foundational work would begin in 2026, while specific functions are to be scoped further. | These items should not be treated as standard PayNow features until implementation details and participant availability are published. |
| Implementation roadmap | Convert the Phase 1 study into implementation steps and selected pilots with industry participants. | MAS and ABS plan to publish an implementation roadmap by the end of 2026. | Availability dates may differ by feature, bank, payment institution and merchant. Future roadmap announcements should be checked before describing a Gen 2 feature as live. |
Official references: the ABS PayNow page links the PayNow Generation 2 study and the 25 June 2026 announcement. The related MAS and ABS PayNow Generation 2 release sets out the proposed enhancement areas and rollout work. Status should be checked again when the implementation roadmap and pilot results are published.
PayNow Corporate and UEN Setup
PayNow Corporate is for entities that want to receive and send Singapore Dollar funds using a UEN instead of disclosing a bank account number. The UEN can be printed on invoices, displayed at payment counters, added to online payment instructions or encoded into a PayNow QR. Some banks support a UEN plus suffix format so one entity can map different PayNow proxies to different accounts.
Business Registration Points
- Use the entity’s valid Singapore UEN.
- Register through the entity’s corporate banking or eligible payment institution platform.
- Choose the correct Singapore Dollar account for collections.
- Confirm approval roles such as maker and authoriser where the bank requires them.
- Test invoice references and notifications before using the setup for customer collections.
Customer Payment Checks
- Show the UEN exactly as registered, including any suffix if used.
- Keep the invoice name, QR name and bank-registered name aligned.
- Do not add a PayNow surcharge to consumer transactions.
- Use references that help reconciliation without exposing unnecessary personal data.
- Update printed or online payment instructions when the receiving account changes.
Common PayNow Errors and Fixes
Proxy Already Registered
The mobile number, NRIC, FIN or exact UEN proxy may already be linked to another bank or account. De-register it from the old institution before registering it again.
Recipient Not Found
The recipient may not have registered that proxy with PayNow, or the proxy may be typed incorrectly. Ask the recipient to confirm the exact mobile number, NRIC/FIN, UEN, VPA or QR method.
Displayed Name Does Not Match
Stop before confirming if the displayed name is unexpected. Contact the person or entity through a trusted number, official website or prior contact channel.
Mobile Number Changed
Update the mobile number with your bank first. After the bank record is updated, register the new mobile number as the PayNow proxy through the bank app or online banking.
Transfer Limit Too Low
Check the PayNow transfer limit in your bank app. Some banks allow limit changes, but higher limits may not take effect immediately.
UEN Suffix Error
If a business uses a suffix, the payer must enter the UEN and suffix in the exact bank-supported format. Confirm the format before paying a corporate invoice.
Verification Notes
Payment scheme information should be checked against the Association of Banks in Singapore PayNow page. Bank-specific registration steps, proxy changes, account types, cooling periods and transaction limits should be checked with the relevant bank, such as DBS PayNow help, OCBC PayNow support or Maybank PayNow services. For overseas payments, currency conversion and bank charges should be compared with international transfer fees before choosing a method.
PayNow Generation 2 information was checked against the MAS and ABS announcement dated 25 June 2026 and the Gen 2 material linked from the ABS PayNow page. The QR interoperability pilot, online checkout changes and later payment capabilities have different development timelines. They should not be described as generally available until MAS, ABS and participating institutions publish rollout details. Gen 2 status last checked on 10 August 2026.
