In Singapore, PayNow has made it easier to make payments. I hardly bring cash out these days!
So if you’re a seller, it’s also important to accept PayNow as payment. This is how to do it:
How To Receive Payments by PayNow?
To receive money via PayNow, you just need to link your mobile number to your bank account. This is a one-time setup that usually takes less than a minute through your bank’s online banking or mobile app.
Once that’s done, you can tell anyone to send you money using your mobile number, and the cash will land directly in your linked bank account. No need to share your bank account number anymore!
You can also link your NRIC to your PayNow bank account, but as a seller, it’s a little bit weird to give out your NRIC to buyers.
If you have a proper business, you should link your business UEN instead of mobile number. This is so that your business name will appear to the PayNow sender, instead of your personal name.
Do You Need a Bank Account to Receive PayNow?
Yes, you definitely need a bank account in Singapore to receive payments through PayNow. PayNow is essentially a service that connects your mobile number, NRIC, or UEN to your bank account, making it easier for people to transfer money directly into your account without needing your bank details. If you don’t have a bank account, you can’t link a PayNow ID to anything.
Is PayNow and PayLah the Same?
This is a common question! PayNow and PayLah are related, but they are not the same thing.
- PayNow is a national peer-to-peer funds transfer service. It’s offered by almost all major banks in Singapore. The main idea behind PayNow is to make it easy to transfer money between different bank accounts using just a mobile number, NRIC, or Unique Entity Number (UEN) for businesses. You don’t need a separate app for PayNow; you use your existing bank’s mobile banking or internet banking.
- PayLah! is a mobile wallet application from POSB/DBS bank. Think of it like a digital wallet on your phone. While you can send and receive money with PayLah!, it also offers a whole bunch of other features like paying bills, buying movie tickets, ordering food, and earning rewards. You’d typically link your PayLah! wallet to your DBS/POSB account.
So, while PayLah! uses the PayNow network for some of its transfers, it’s a separate app with more features, especially for DBS/POSB customers. You can use PayLah! to send money to someone’s PayNow-registered bank account. But you don’t need PayLah! to use PayNow.
Confused? Just remember PayNow is the underlying system for easy bank transfers, and PayLah! is an optional app from POSB/DBS.
Why PayNow QR Codes are the Easiest Way to Receive PayNow
PayNow makes it easy for someone to send money to your mobile number or UEN.
But, to make it even simpler, as a seller, you should use PayNow QR codes, especially for small businesses or even just splitting a bill with friends.
Here’s why:
- No Typos, No Stress: When someone is manually typing your mobile number or NRIC, there’s always a chance they might make a mistake. One wrong digit and the money could go to the wrong person – and nobody wants that headache! With a QR code, all they have to do is scan it with their banking app. The details are all pre-loaded, so there’s no room for human error. It’s foolproof.
- Super Convenient: Imagine you’re selling something at a flea market, or someone’s buying a handmade item from you. Instead of them fumbling to key in your number, you just show them a QR code. They scan, confirm, and boom! Payment done. It’s quick and seamless.
- Pre-filled Amounts for Extra Safety: This is where it gets really smart. You can actually generate a PayNow QR code that already includes the amount you want to receive. So, if someone owes you $15.50, you generate a QR code for exactly that amount. When they scan it, the $15.50 will automatically appear in their banking app’s payment field. They just need to hit “confirm”. This completely eliminates the chance of them paying the wrong amount, which is great for both you and them.
Receiving payments by PayNow is a breeze, especially with the use of QR codes. It takes the guesswork out of transfers and makes sure the money lands exactly where it should. And that’s why it matters to get it right.