All nine Paynow participating banks will see changes in their transfer limits and other features.
The nine participating banks are Bank of China (BOC), Maybank, Citibank, DBS Bank, HSBC, OCBC Bank, Standard Chartered Bank and United Overseas Bank (UOB), Industrial and Commercial Bank of China (ICBC).
What’s So Good About The Increased Limit?
The new and increased daily transfer limit will be raised from $1000 to $5000 and over.
Customers and users transaction limits have been raised to $5,000 for BOC and ICBC; $10,000 for Citibank and Standard Chartered (with scan-and-pay transactions of up to $50,000 for StanChart); and $200,000 for UOB, DBS, HSBC, OCBC and Maybank.
This will allow users to pay for items that cost over $1,000 without interest or instalments. That includes electronics, loans, cash transfer and higher-priced items.
With the new increase, PayNow will be able to house more merchants in fields with more costly items production.
However, users will have to go through two-factor authorisation should they wish to transfer funds with amounts larger than $1,000.
Alternatively, if you are uncomfortable with the high transaction limit or feel that you might spend too much, do this instead.
PayNow allows users to set their preferred transaction limit daily.
Head down to your settings to set it to an amount you or your child is comfortable with.
What Does That Mean For Me As A Business?
Well, only good news, of course.
If you own a Small to Medium Enterprise (SME), it is now easier for you to sell your products and receive payment without the use of card transactions.
This will allow your business to sell a larger amount of products at one go or sell products that may cost slightly more.
Your business will also be able to promote safe distancing and cashless payment to reduce contact, especially during the COVID-19 pandemic. Smart and effective, how convenient.
As A Non-PayNow User What’s So Good About PayNow?
PayNow’s scan-and-pay function allows easy transactions and transfers initiated by entering the mobile number NRIC number, or Unique Entity Number (UEN) of the recipient, without having to go through the procedure of adding the recipient.
4.46 million registered PayNow users have collectively transferred more than $34 billion since the launch of PayNow in June 2017.
Are you still wondering why you should use PayNow to transfer funds?
PayNow funds transfer do not require the use of tokens to complete the transaction. All you need is your smartphone with the phone number you registered it with and wait for a verification code. Simple as that.
Fun fact, many SMEs in Singapore are under the PayNow businesses scheme and allow you to make payment with just a scan on PayNow. Convenience and technology at its peak.
Now, we no longer have to pour out the contents of our bags over the counter to look for our cards and wallets. All we need is our own phones that we carry with us 24/7.
Although, is it really a good thing, especially if elderly who are pressured to buy products can now pay more at the shop?
Food for thought, indeed.
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