Customers can enjoy the convenience of making higher value transfers without adding the recipient as a payee, ABS said in a statement.
ABS (The Association of Banks in Singapore) has announced that all of the nine participating PayNow banks will allow ad-hoc transactions of at least SGD 5,000 or more, enabling customers to use PayNow for a wider scope of payments to merchants and friends.
The higher limit applies to PayNow on both internet banking and mobile application channels, and includes both scan-and-pay transactions and transfers initiated by entering the NRIC, mobile number, or Unique Entity Number (UEN) of the recipient, without first going through the process of adding the recipient as a payee.
DBS, HSBC, OCBC and Maybank have set ad-hoc transaction limits for retail customers at SGD 200,000, while BOC, Citibank, ICBC and StanChart have set limits between SGD 5,000 and SGD 10,000.
Customers will be required to key in their Second Factor Authentication (2FA) for transactions exceeding SGD 1,000. Customers may also set their PayNow limit to a level that they are comfortable with.
As of end-August 2020, there were more than 4.46 million registered PayNow users, who have collectively transferred close to SGD 34 billion since the launch of PayNow in June 2017.
ABS says it will continue to work with the industry to promote PayNow as a convenient and secure means to transfer funds seamlessly.