PayNow is a convenient service that allows the customers of nine participating banks in Singapore to send and receive money in nearly instant time. They may use bank accounts, mobile phone number or the number of National Registration Identification Card (NRIC).
Standard Chartered is one of the participating banks that provide PayNow service. You may register then access and manage PayNow transactions via online banking or mobile banking services of Standard Chartered Bank.
What is PayNow
To promote the effort of Singapore of becoming cashless society, plenty of modern and practical solutions are being develop, such as digital wallets, QR based payments, as well as online platforms to make and receive cashless payments between banks. PayNow is one of the services that’s included in the latter category.
PayNow was launched back in the midst of 2017 by the Association of Banks in Singapore (ABS) as money transfer service. It lets the users to perform fund transfers between bank accounts in Singapore through FAST feature and by using either mobile phone number or NRIC. It is also available for free.
As it has been mentioned above, Standard Chartered Bank is one of the participating banks in Singapore that offer PayNow service both for personal saving accounts and corporate banking account.
Steps To Register for Personal Account
Here’s how to register PayNow in Standard Chartered for personal purpose:
- Log into your Standard Chartered online banking account.
- Open PayNow menu and then select the menu Register To Receive PayNow Transfers.
- Choose either to use your Mobile Phone or NRIC Number, then select Next.
- Input your received One-Time Password (OTP), then select Next.
It is also possible to perform registration steps of PayNow in mobile banking app Standard Chartered.
You may also like: How to Use PayNow in Standard Chartered
Steps To Register for Corporate Account
Additionally, Standard Chartered Bank also offers PayNow Corporate service. It enables corporates or businesses as well as government of Singapore to transmit fungds to the customer’s and the eligible retails’ accounts in the participated banks.
Here are the steps on how to register PayNow in Standard Chartered for corporate purpose:
- Complete the registration process of PayNow Corporate by using a form and PayNow Service Supplement to connect Standard Chartered banking account with your business’ UEN. Make sure that they are both certified by Authorized Person.
- Add three digits of alpha numeric addition to the end of your business’ UEN in order to create several proxies of PayNow.
- Submit the required documents:
- For Commercial Banking (CB) and Corporate & Institutional Banking (CIB) accounts, send email to the relationship manager and attach the registration form of PayNow Corporate, PayNow Service Supplement, and the letter of authorization that have been digitally signed.
- For Business Banking accounts, refer to the official page of Standard Chartered PayNow Corporate page.
PayNow is a very practical and secure service to send your funds, moreover at instant manner. It is really convenient because you’re most likely to have the mobile phone numbers of your family members, friends, and colleagues. It’s also safe because you don’t need to share the details of your banking account.