Singapore The Association of Banks of Singapore (ABS) has unveiled a new funds transfer service – PayNow – that requires only a mobile and identity card numbers to enrol.

To use PayNow, a customer will need to link their mobile number and their National Registration Identity Card (NRIC) number to their bank account, which can be done online or in a mobile app.

The service is based on Singapore’s immediate payments system, FAST (introduced in 2014 with 19 participating banks).

PayNow has seven participating banks, which between them account for nearly 90% of retail banking volume, and will go live on 10 July 2017. These include UOB and HSBC.

“We need to move to the digital world,” states Ong-Ang Ai Boon, director of ABS. PayNow will offer a “fast, convenient, frictionless, safe and secure” service, she says.

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