Fintech

S'poreans Sent Over S$1 Billion To Each Other Via PayNow In July 2019

According to Education Minister and board member of the Monetary Authority of Singapore (MAS) Mr Ong Ye Kung, the number of transactions made with PayNow has “jumped more than 33 times” since its launch 2 years ago.

There have been over 5 million transactions made in July this year, and the value of transactions grew from about S$24 million in the first month of operations to “above S$1 billion” last month.

In a previous update made last month, the Association of Banks in Singapore (ABS) shared that around 28 million transactions were made between January and June in 2019.

An average of $164 was transferred.

Mr Ong also revealed that there have been 2.8 million individual registrations for PayNow since July 2017, and “more than 65%” of Singaporeans between 20 and 75 years old have registered for PayNow.

He added that these numbers are “still increasing”.

He also gave an update of PayNow Corporate, which lets companies pay and receive money instantly from customers and other firms.

Over 115,000 unique entity numbers have been registered for the service, which is “approximately half of the total number of unique entity numbers issued to active businesses”.

 

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