Singapore boasts the highest per capita GDP in Southeast Asia and ranks fifth globally, with a highly digitalised economy that has laid a strong foundation for the rapid growth of cashless payments. In the e-commerce sector, 2024 data shows that e-wallets are the most popular payment method, followed by credit cards. Digital payment penetration in Singapore has reached 57.57%, the highest in Southeast Asia, with transaction volumes exceeding USD 39.37 billion, reflecting consumers' widespread acceptance of cashless payment solutions.
To improve its digital payments ecosystem, Singapore launched the Fast and Secure Transfers (FAST) service in 2014, enabling instant Singapore dollar transfers between banks and non-bank financial institutions. Building on this infrastructure, Singapore officially introduced PayNow in 2017, further accelerating the country's transition towards a cashless society. Through PayNow, users can complete real-time transfers simply by using the recipient's mobile number or national identification number. By 2023, PayNow's annual transaction value reached SGD 5 billion, with around 80% of consumers and businesses using PayNow for cashless payments.
As Singapore's national payment code service, PayNow now serves more than 5.5 million users and has become a core pillar of the country's cashless payment ecosystem. The service integrates payment channels across participating institutions, allowing consumers to complete local cashless transactions seamlessly using a single QR code. PayNow also supports cross-border cashless payments and has established interoperability with the national payment systems of Malaysia, Thailand, Indonesia, and the Philippines, significantly expanding the reach of regional cashless payments.
PayNow was first open to participating banks on 10 July 2017 and later expanded to non-bank financial institutions on 8 February 2021. For retail users, PayNow is free of charge and available 24/7, 365 days a year, providing strong support for the continued adoption of cashless payments in Singapore.
Within this cashless payment ecosystem, Antom helps merchants quickly integrate with the PayNow network, enabling support for 99% of bank transfers and other mainstream cashless payment methods in Singapore. Through the widespread adoption of PayNow, Singapore is advancing steadily towards a fully cashless society.
The following table lists the product properties supported by PayNow:
|
Payment type |
Real-time payment |
||
|
Acquirer |
AntomSG, AntomUK, AntomUS, AntomEU |
Merchant entity location |
SG, HK, UK, US, EU |
|
Payment flow |
Code-scanning |
Refund |
✔️ |
|
Buyer country/region
|
Singapore |
Partial refund |
✔️ |
|
Processing currency |
SGD |
Chargeback/Dispute |
❌ |
|
Minimum payment amount |
SGD 0.01 |
Refund period |
60 days |
|
Maximum payment amount |
SGD 200,000 |
Time to return payment result |
Real-time |
|
Default timeout |
14 minutes |
||
Note: The following payment flows on different terminals are for reference only. For supported merchants' terminal types, consult Antom Technical Support.
The following screenshots show the journey of paying with PayNow on different terminals:
Web
PayNow is a core real-time interbank payment system regulated by the Monetary Authority of Singapore (MAS). In 2025, PayNow accounted for more than 45% of Singapore's account-to-account (A2A) bank transfer market, making it one of the country's leading payment methods. By 2023, PayNow was processing 437 million transactions annually, with a total transaction value of SGD 157 billion, while maintaining year-on-year growth of over 28%. Today, it reaches more than 80% of Singapore's digital payment users and has achieved widespread adoption across both online and offline payment scenarios.
PayNow transactions follow end-to-end secure payment processes and adhere to the same stringent security standards applied across Singapore's banking industry for fund transfers.
Proxy identifiers used by PayNow, such as mobile numbers, NRIC/FIN numbers, and business UENs, are verified and registered by participating banks during account onboarding. This helps prevent fraudulent use of another person's identity information. Before confirming a transfer, users can verify the recipient's registered name on the confirmation page, providing an additional layer of protection and helping ensure funds are sent to the intended recipient. Both senders and recipients receive transaction notifications upon successful completion of the transfer.
PayNow supports all business scenarios in Singapore, including QR code payments for offline retail, restaurants, supermarkets, and service outlets, as well as online payments for e-commerce, food delivery, and subscription services.
Singaporean consumers prefer PayNow because it aligns closely with local payment habits and offers four key advantages:
Real-time transfers available 24/7, supporting payments at any time of day;
No transaction fees for local peer-to-peer transfers and everyday payments, helping reduce payment costs;
Highly convenient user experience, allowing payments to be completed using only a mobile number, NRIC/FIN, or merchant UEN, without the need to enter bank account details;
Strong security and regulatory protection under MAS oversight, combined with cross-border interoperability with payment systems in countries such as Malaysia and Thailand, making regional payments more seamless and convenient.