What is the difference between PayNow, FAST & GIRO?

What is PayNow?

PayNow is a peer-to-peer funds transfer service. It simplifies bank transfers by taking away the need to know the recipient's bank account number. You only need to know the other's mobile phone number or Singapore NRIC/FIN to send and receive Singapore dollars through the FAST payment rails.

Which 9 banks participate in PayNow?

  • Bank of China
  • Citibank
  • DBS Bank
  • HSBC
  • ICBC
  • Maybank Singapore Limited
  • OCBC Bank
  • Standard Chartered Bank
  • United Overseas Bank

With which 12 bank apps and e-wallets can I use PayNow?

What is PayNow Corporate?

PayNow Corporate enables Singaporean Entities to send and receive funds by linking their bank account to their Unique Entity Number (UEN).

What is FAST?

FAST (Fast And Secure Transfers) is a real-time payment rails in Singapore. Any funds transfers from participating banks will settle instantly 24/7.

What is GIRO?

GIRO (General Interbank Recurring Order) is an older payment rails network in Singapore. Between banks, it typically takes between 1 to 5 days to settle. It is cheaper than FAST, but not instantaneous.

Are there any compliance requirements or measures needed for transactions made via PayNow?

PayNow transactions are bank transfers so there is no need to comply with PCI-DSS (Payment Card Industry Data Security Standard), which is required for credit card transactions. Other than that, we ourselves secure all our traffic by both encryption and SSL.