Today, fintech company TransferWise announced that it has become the first international money transfer service to let Singapore customers receive funds from international transfers via PayNow.
These customers will just need to provide their name and mobile number to the sender.
Businesses will be able to do the same by sharing their name and Paynow Unique Entity Number (UEN).
TransferWise foresees that this will benefit Singapore individuals and businesses, including:
- Singaporeans who need to receive money from a friend or family member abroad;
- Freelancers and companies that want to simplify processes for their overseas customers
Said TransferWise Engineer Mr Li Wanlong, who implemented the new product feature: “This feature was highly requested by customers because PayNow is very widely used here.”
“If you have a friend visiting from overseas and you head out for a meal or drinks, it is now much easier to split the bill, with your friend using TransferWise’s PayNow option to pay you back. Everyone goes cashless.”
Singaporeans without a PayNow profile will still be able to receive funds through TransferWise’s existing payout option by providing their bank account details.