# What is PayNow? > PayNow is Singapore's instant transfer service, launched by the Association of Banks in Singapore in July 2017, that lets people and businesses send Singapore dollars using a mobile number, NRIC/FIN or company UEN instead of an account number. It runs on FAST, the interbank real-time network, 24/7, up to S$200,000 per transaction. Source: https://anytime-capital.com/learn/payment-rails/what-is-paynow · Topic: Payment rails · Updated: 2026-10-29 · Publisher: Anytime Capital ## Key facts - **Launched:** Jul 2017 — FAST, underneath it, since 2014 - **Scheme owner:** ABS — Association of Banks in Singapore - **Speed:** Seconds — Over FAST between participating banks - **Hours:** 24/7/365 — Weekends and public holidays included - **Limit:** S$200K — FAST maximum per transaction; banks set lower - **Identifier:** Proxy — Mobile, NRIC/FIN or UEN; or SGQR - **Volume:** 500M — FAST transactions in 2024, S$662B (MAS) - **Who can use it:** People & firms — Businesses via PayNow Corporate since 2018 PayNow is how people in Singapore pay each other without asking for a bank account number. Launched by the Association of Banks in Singapore (ABS) in July 2017, PayNow lets anyone with an account at a participating bank send Singapore dollars to a mobile number, an NRIC or FIN, or a company's UEN, and the money arrives in seconds over FAST, the real-time interbank network that carried about 500 million transactions worth S$662 billion in 2024 (MAS). This page explains PayNow and FAST, how a transfer moves, the limits and costs, Singapore's scam safeguards, and how a US business pays a supplier in Singapore. ## What is PayNow, and how is it different from FAST? FAST (Fast And Secure Transfers) is the network: since 2014 it has moved Singapore-dollar transfers between participating banks in real time, addressed by bank and account number, at any hour. PayNow is the addressing layer on top. It keeps a central directory that maps a proxy — a mobile number or NRIC/FIN for people, a UEN for businesses — to the account its owner chose, so the payer only needs the proxy, and the payment then travels over FAST. PayNow began with person-to-person transfers in July 2017. PayNow Corporate added businesses and government agencies on August 13, 2018, letting them receive to their UEN, and SGQR, Singapore's single QR code standard introduced the same year, put PayNow on shop counters and invoices. FAST volume grew 31% in 2024, to about 500 million transactions (MAS). PayNow also connects abroad for individuals. Linkages with Thailand's PromptPay (2021), India's UPI (2023) and Malaysia's DuitNow (2023) let customers of participating banks send cross-border transfers by phone number. They carry low limits and are built for personal remittances, not supplier payments. ## How does a PayNow transfer move? PayNow resolves the proxy first and shows the payer who will receive the money before anything moves. After that, it is an ordinary FAST transfer between two banks, credited within seconds. **Figure: A PayNow transfer, start to finish** 1. **Payer enters**: A mobile number, NRIC/FIN or UEN, or scans an SGQR or PayNow QR code. (Any hour) 2. **Directory looks up**: PayNow finds the linked account and returns the registered name to confirm. (Before paying) 3. **Payer confirms**: Approved in the bank app, within the payer's own PayNow limit. (Seconds) 4. **FAST routes**: The payer's bank sends it over FAST; the recipient's bank credits it. (Seconds) 5. **Banks settle**: Net amounts settle later between the banks' accounts at MAS. (Deferred net) _PayNow is the lookup; FAST is the payment. A transfer by bank and account number skips the directory step and goes straight to FAST._ ## How fast is PayNow, and when does it run? PayNow and FAST transfers are credited within seconds, 24 hours a day, including weekends and public holidays. Singapore's other interbank options run on business days: interbank GIRO, used for bills, payroll and recurring debits, takes a few business days, and MEPS+, the Monetary Authority of Singapore's real-time gross settlement system, handles high-value transfers during its business-day hours. Singapore is 12 hours ahead of New York for most of the year, so time zones work against an ordinary wire: by the time a US bank's wire desk opens on Monday morning, it is Monday night in Singapore. A FAST payment released on Saturday night in New York reaches a Singapore supplier's account on Sunday morning, local time. **Figure: When Singapore dollars move, across a week** - **PayNow & FAST** (Every day): Mon–end of Sun (Every day, all day) - **GIRO** (Bills, payroll): Mon–Sat (Business days) - **MEPS+** (High value): Mon–Sat (Business days) - **SWIFT wire** (From the US): Mon–Sat (Business days) _PayNow and FAST never close. GIRO, MEPS+ and international wires move on business days; days are shown Monday to Sunday._ ## What are PayNow's limits and costs? FAST caps a single transfer at S$200,000, and PayNow inherits that ceiling. Within it, banks set their own limits, and each bank's app carries a separate PayNow daily limit that customers can adjust, typically set conservatively by default for personal accounts as part of Singapore's anti-scam design. For individuals, PayNow and FAST transfers are typically free at Singapore's banks. Business accounts may pay per transaction depending on the bank and plan, and receiving through PayNow Corporate is priced by each bank. Transfers above S$200,000 go by MEPS+ or as a regular interbank transfer. **PayNow and FAST limits and costs (2026)** | What | Rule | Set by | | --- | --- | --- | | Maximum per FAST transfer | S$200,000 | FAST scheme rules | | PayNow daily limit | Set in each bank's app; adjustable by the customer | Each bank | | Cost to individuals | Typically free | Bank tariffs | | Cost to businesses | Per transaction or bundled; varies by bank and plan | Bank tariffs | | Above S$200,000 | MEPS+ or a regular interbank transfer | MAS / banks | | Hours | 24/7/365 | FAST | | Phishing-scam losses | Shared Responsibility Framework duties for banks and telcos, since December 16, 2024 | MAS and IMDA | _As of October 2026. Volume: about 500 million FAST transactions worth about S$662 billion in 2024 (MAS retail payment statistics)._ ## What do you need to send or receive a PayNow payment? Within Singapore, a proxy: the recipient's mobile number or NRIC/FIN, or for a business its UEN — the 9- or 10-character Unique Entity Number every registered entity in Singapore has, such as 201912345K. Scanning an SGQR or PayNow QR code fills in the proxy and, on an invoice, the amount and reference as well. A payment from abroad usually can't use a proxy at all, because PayNow's directory serves payers at Singapore banks. Cross-border payouts are addressed the FAST way instead: the bank, the account number and the bank's SWIFT code, which is exactly what the payout form below asks for. If the supplier's account holds several currencies, ask for the number of its Singapore-dollar account specifically. ![Anytime Capital product view: a Singapore payout form with an optional bank name, the account number, the bank's SWIFT/BIC code and the name on the account](https://anytime-capital.com/learn/payouts/paynow-payout-details.webp) _Anytime Capital product view, sample data: the details a Singapore-dollar payout asks for — the bank (optional), the account number, the bank's SWIFT/BIC code and the name on the account. Payouts from abroad are addressed by account, not by PayNow proxy._ ## How does PayNow protect against scams? Before a PayNow transfer is confirmed, the payer sees the name registered to the proxy — for a UEN, the entity's name — which is the check against a mistyped number or a fake business. FAST transfers are final once credited, so the rest of Singapore's protections work before and around the payment. The Shared Responsibility Framework, which took effect on December 16, 2024, gives banks and telcos specific duties to stop phishing scams and makes them share losses when they fall short. Among the bank duties: a 12-hour cooling-off period after a new device or digital token is activated, notifications on outgoing transfers, a 24/7 channel for reporting fraud, and a self-service 'kill switch' that freezes an account. Businesses paying in Singapore can add their own controls: - Pay a company's UEN or business account, not an individual's phone number. - Check that the entity name shown matches the supplier's registered name on the invoice. - Treat a request to pay a new number or account as unverified until you have confirmed it by phone. - Use your bank's kill switch immediately if you suspect your banking credentials were phished. ## PayNow vs SWIFT, GIRO and FedNow PayNow and FAST are Singapore's FedNow: instant, final and always on. The S$200,000 cap is lower than FedNow's $10 million network limit, which is why large corporate payments in Singapore still go by MEPS+. Between countries, SWIFT remains the default for business payments into Singapore, with the correspondent-bank delays and fees that come with it. **PayNow compared with Singapore's other rails and the US (2026)** | Rail | Speed | Hours | Addressed by | Max per payment | | --- | --- | --- | --- | --- | | PayNow / FAST | Seconds | 24/7/365 | Proxy (PayNow) or account (FAST) | S$200,000 | | GIRO | A few business days | Business days | Account number | Bank limits | | MEPS+ | Real time | Business-day hours | Bank and account | No scheme cap | | SWIFT wire to Singapore | 1–2 business days | Bank business days | Account + SWIFT code | Bank limits | | FedNow (US) | Seconds | 24/7/365 | Routing + account number | $10 million | | RTP (US) | Seconds | 24/7/365 | Routing + account number | $10 million | _Singapore figures from MAS and the ABS; US limits from the Federal Reserve (since November 12, 2025) and The Clearing House (since February 9, 2025). SWIFT timing is the industry-typical range for 2026._ ## How does a US business pay a supplier in Singapore? From an ordinary US bank, by SWIFT: the supplier's bank, account number and SWIFT code, sent in US dollars or Singapore dollars. Sent in dollars, the payment can land in a USD account if the supplier keeps one, or be converted by the receiving bank; either way it moves on bank business days, typically taking one to two, with possible correspondent fees along the way. Paying in Singapore dollars over FAST through a provider with local accounts gives the supplier a domestic SGD credit within seconds of release. For a business supplier, collect: - The company's legal name and UEN, as shown on its invoice. - The bank, the Singapore-dollar account number and the bank's SWIFT code. - The invoice number, to send as the payment reference. - The invoice currency, so you pay the exact SGD amount owed rather than a dollar figure that converts short. ## How does PayNow work on Anytime Capital? Anytime Capital business accounts pay suppliers in Singapore dollars to their Singapore bank accounts, over PayNow and FAST, from the same balance that holds your US receipts. A Singapore recipient is added with the account number and the bank's SWIFT code, the bank name optional, and the person's name or the company's legal name. Payouts are addressed by account rather than by PayNow proxy, so you don't need the supplier's UEN to pay it, though it is worth keeping on file. Singapore is one of 71 countries we pay out to over local rails, with SWIFT everywhere else. The review screen names the rail, shows the exchange rate and the Singapore-dollar amount that arrives, lists the fee separately and gives the total in dollars before you approve, and the quoted price is held for a short countdown. Once released, FAST credits participating banks within seconds. Processing is subject to compliance review, and the processing times page explains how timing works for each payout method. ![Anytime Capital product view: choosing how to be paid, with SGD to Singapore marked Instant beside ACH / RTP, wire and SWIFT](https://anytime-capital.com/sell-crypto/product/paynow-order.webp) _Anytime Capital product view, sample data: the payout chooser with Singapore dollars to Singapore marked Instant, next to ACH / RTP, wire and SWIFT and their typical timings._ ## Frequently asked questions ### Is PayNow the same as FAST? No, but they work together. FAST is the real-time network that moves money between Singapore banks by account number; PayNow is the directory on top that lets you pay a mobile number, NRIC/FIN or UEN instead. A PayNow transfer is a FAST transfer once the proxy is looked up. ### Is PayNow free? For individuals, typically yes, at Singapore's banks. Businesses may pay per transaction or under a bundled plan, depending on their bank. ### What is the PayNow transfer limit? FAST caps a single transfer at S$200,000. Below that, each bank sets limits, and customers have a PayNow daily limit in their banking app that they can adjust. Larger payments go by MEPS+. ### Can I use PayNow from overseas? Only through a Singapore bank account, or through the linked systems: Thailand's PromptPay, India's UPI and Malaysia's DuitNow, for personal transfers at participating banks. A business abroad pays a Singapore supplier by SWIFT, or through a provider that sends SGD over FAST from inside Singapore. ### What is PayNow Corporate? The business side of PayNow, launched on August 13, 2018. Companies, businesses and government agencies link their UEN to a bank account, so they can be paid by UEN or SGQR code instead of an account number. ### Can a PayNow transfer be reversed? Not by the payer once it is credited; FAST transfers are final. If you paid the wrong person, contact your bank, which can ask the recipient's bank to help, and report scams at once. Check the name PayNow shows before you confirm. ### Is PayNow linked to India's UPI? Yes. Since February 2023, customers of participating banks in Singapore and India can send each other money between PayNow and UPI using a mobile number or UPI ID, within the linkage's limits. It is designed for personal remittances. ## Related - [What is mobile money?](https://anytime-capital.com/learn/payment-rails/what-is-mobile-money) - [What is a UPI payment?](https://anytime-capital.com/learn/payment-rails/what-is-upi) - [Global payouts for business](https://anytime-capital.com/business/global-payouts) - [Sell crypto for Singapore dollars](https://anytime-capital.com/sell-crypto/paynow) **Pay Singapore suppliers in local currency.** Anytime Capital business accounts convert dollars and pay Singapore-dollar accounts over PayNow and FAST, with the amount that arrives shown before you confirm. Open an account online in minutes. https://anytime-capital.com/business/get-started --- - Network limits, hours, volumes and dates cited on this page come from each network operator's published rules and statistics as of the dates shown, and may have changed. Banks and payment providers set their own limits and cutoffs within the network maximums. - Payment network names (Fedwire, FedNow, RTP, ACH, SEPA, Faster Payments, PIX, SPEI, UPI, PayNow and others) belong to their operators and are used to identify the networks only; no affiliation or endorsement is implied. - Information on this page is general and educational — it is not financial, legal, or tax advice. - Anytime Capital is a fintech company, not a bank. Banking services are provided by our licensed banking partners. Stablecoins and other digital assets are not bank deposits, are not FDIC-insured and may lose value.