In order to use the application, called PayNow, customers need to link their mobile number and their National Registration Identity Card (NRIC) number to their bank account, online or via a mobile app. PayNow has seven participating banks, including UOB and HSBC, and will go live on 10 July 2017.
The service is based on Singapore’s immediate payments system, Fast And Secure Transfers (FAST), introduced in 2014 with 19 participating banks.
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