You’ve definitely met with this before: you and your friends went out for a dinner together.

One of them paid for the food first and tell the others to transfer him the money. Then, he got to search for his bank account details and send it to you guys.

Guess what? Come July, you don’t have to do that anymore. 

No, you still have to pay your friend. But you don’t have to wait for bank details anymore. 

Here’s what you need to know!

PayNow, A System That Lets You Transfer Money With Just a Mobile or NRIC/FIN Number

On 27 June 2017, the Association of Banks (ABS) revealed a new system called PayNow.

With this system, customers from seven banks will be able to seamlessly transfer funds from one account to another with just the recipient’s phone number or his NRIC/FIN number.

The list of participating banks includes DBS Bank/POSB, OCBC Bank, UOB, Citibank, HSBC, Maybank and Standard Chartered Bank.

The system will go online on 10 July 2017 at 8 am for customers from these banks.

Customers Must First Link Their Mobile Number With Their Bank Accounts

To enjoy the service, you must first link either your mobile number or your NRIC, or both, with your bank account through internet banking.

The mobile number is limited to one bank account number, so if you have multiple ones, tough luck.

If you don’t register your mobile number for some reason, you won’t be able to receive your money through this service. However, you can still send money to people who have registered their mobile numbers. 

Again, no excuses for not returning money to your friend.

Remember to unlink your mobile number from your bank account if you change it.

There is a cap of $50,000 per transaction, although banks might impose their own transfer limit as well.

Just make sure you don’t type in your friend’s number wrongly hor, or you might just send money to the wrong person.

Come to think about it, this is also a good way to ask a girl for her number, no? 😀

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And on other unrelated but equally important news:

• Conman Poses As Shin Min Food Editor & Goes Around S’pore Scamming Innocent Hawkers 
• Everything You Need To Know About GST Voucher 2017 in 60 Secs 

Feature Image: todayonline.com

This article was first published on goodyfeed.com