How to Use PayNow in UOB

PayNow is an online service that allows customers of the banks that participated in it to send funds as well as to receive it in instant way, just by using their mobile phone number, NRIC (National Registration Identity Card), FIN (Filing Identification Number), or Unique Entity Number (UEN). In other words, it doesn’t require you to use bank account number.

PayNow is launched as a response to the raising demands from the country’s customers to make money transfer more efficient, practical, and convenience. Moreover, it also provides a disbursing payout feature from the government.

How to Use PayNow in UOB

Although there is possibility that more banks are going to be participated in PayNow in the future, the service is currently available for nine participating banks: UOB Bank, DBS/POSB Bank, MayBank, OCBC Bank, Citibank, Standard Chartered Bank, Bank of China, HSBC Bank, and ICBC Bank.

If you are an account holder of one of these banks, then you will be able to register to PayNow via your bank’s internet banking platform, and then sending and receiving transferred funds from others. You only need to provide your mobile phone number or any numbers mentioned above.

Now, the guide below will specifically show you how to use PayNow in UOB.

How to Transfer PayNow Money to Mobile Number

Here’s the step on making fund transfer in PayNow through UOB’s Mighty app or personal internet banking:

1. Log into your UOB’s personal internet banking or Mighty account
2. Select the menu PayNow
3. Select the recipient’s name from the PayNow’s address book or input the mobile phone number.
4. Input the amount of funds you’d like to transfer and add note (additional) and then proceed to complete the transaction.

UOB Bank customer is allowed to transfer funds by using virtual payment address (VPA) too. VPA is an identifier number used by Non-Bank Financial Institutions (NFIs), which are the providers of financial services like digital wallets. The NFIs that are participating in PayNow service currently are Singtel Dash, Grab, and Liquid Pay.

Transfer Money PayNow to VPA Using Mighty App

Here’s how to use PayNow in UOB to transfer funds to VPA:

1. Log into your UOB’s personal internet banking or Mighty account
2. Select the menu PayNow
3. Select VPA menu and input the number of Virtual Payment Address.
4. Input the amount of funds you’d like to transfer and then proceed to complete the transaction.

There are several benefits you can get from using PayNow. First, the service is extremely secure because it uses high security standards as Singapore’s banking industry. Second, it rides on the FAST platform, so it is available to be used anytime. Third, it charges you with no fees.

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The service of PayNow is recently developed from retail customers to businesses, corporates, and even the government of Singapore. Similarly, in order to make payment or to receive funds from these entities, you do not need to use your bank account number, only your Unique Entity Number (UEN).

If you would like to register to PayNow service as business or corporate entities, then you can use the internet banking platform from your bank. Note that the bank one of the nine participated banks above. After you have registered in PayNow Corporate, then you will be able to transfer funds to other entities, and vice versa.