Since 2017, probably you have heard a cashless payment method called as PayNow. Designed by nine Singaporean banks and three non-bank financial institutions, PayNow is a product that you can rely on to help you perform peer-to-peer fund transfer easily using mobile phone number. This phone number acts as the replacement of account number.
So, basically, PayNow is a kind of free-of-charge feature of each participating bank, which can be activated easily by each retail customers. With this payment method, there are various benefits, such as:
- Instantly receive and send funds. No need to use account number in order to address the fund transferred all you need is to provide the payee’s valid mobile number which is registered to mobile banking and PayNow.
- Cashless payment method with higher security. With phone number as the replacement of account number, you can be rest-assured that you are paying to the right payee. The receiver’s name will be shown on your screen. That said, if you find that the payee’s name is not right, you can simply cancel the transfer.
- Quicker payout for SG Bonus. According to some sources, it is said that PayNow is also used as payment choice for SG Bonus. For PayNow users, they will receive quicker which is 10 days from the other receivers using cheque payment. This applies as well to CPF members aged more than 55 years old who receives their lump sum money.
How to Change UOB PayNow Limit
With those aforementioned benefits, is it possible to change the limit of PayNow? Changing the limit of PayNow equals to changing the limit of your daily transfer. So, if you are UOB bank customers, this is how to change UOB PayNow limit.
Change UOB PayNow Transfer Limit via UOB Branch
You can always rely on the nearest branch to change your PayNow limit. Simply spare your time and energy! to pay a visit to the nearest branch of UOB.
Then, tell the customer service officer that you plan to change the daily transfer limit. Once you’re there, you’ll have everything ready for you!
You may also like: How to Change PayNow Name in UOB
Increase PayNow Transfer Limit via Mighty App
Are you too busy to visit UOB Bank branches? Just make sure you’ve registered your account to internet banking. Changing the transfer limit will only be a few taps away! If you are taking this method of how to change UOB PayNow limit, you should do these procedures below:
- First, launch your UOB Mighty app and log in using the valid username and password.
- Activate Services tab and choose Transaction limits afterwards. Following this step, choose any type of transfer which you want to change its limits.
- Select the transaction that you wish to update the limit.
- Tap on the arrow for more transaction limits options.
- Choose any amount from the drop-down list provided.
- Now that you have already set your limit, continue by tapping Next to proceed with the process.
- In the confirmation screen, check all details and swipe right to confirm.
- Lastly, input Mighty Secure Code for authenticating this change in transfer limit.
- After providing authentication is successful, you will be able to enjoy the change in limit shortly.
Well, so that is how to change UOB PayNow limit. To sum it up, changing the PayNow limit equals to changing your transfer limit. This can be done simply by doing any of the aforementioned methods.