PayNow itself was developed for this purpose: the integrated P2P fund transfer system was formed by nine banks to better coordinate the local e-payment ecosystem. Users are able to pay and receive money to and from their bank accounts by linking these to their mobile phone numbers or Unique Entity Numbers (UEN), allowing for quicker and simpler transactions to take place.
SINGAPORE (Apr 14): Singapore became the third country in the world to adopt Google Pay after the US and India, with the US tech giant partnering local banks to integrate its peer-to-peer (P2P) fund transfer service with Singapore’s existing PayNow service.
The move comes amid attempts by the Singapore government to encourage the use of e-payment among Singaporean businesses and consumers. In his 2017 National Day Rally speech, Prime Minister Lee Hsien Loong called for the simplification and integration of e-payment systems to catch up with other advanced cities in terms of e-payment usage.
