The Association of Banks in Singapore has announced that three non-bank Financial Institutions, GrabPay, Singtel Dash, and Liquid Pay, will offer PayNow to transfer money.
This will enable users to make or receive real-time funds transfers with PayNow, without the need for e-wallet account details. These funds transfers can be made between bank accounts and e-wallets, as well as across e-wallets.
To support this, a new proxy called the Virtual Payment Address has been made available. This allows individuals to link their mobile number with an NFI ewallet, while keeping their existing PayNow registration that is linked to a bank account.
Users do not need to de-register your existing mobile number linked to a bank account before registering with an NFI’s e-wallet.VPA allows individuals to register their mobile number with an NFI e-wallet, while keeping their existing PayNow registration that is linked to a bank account.
