Three non-bank e-wallet players to offer PayNow
Grab, Liquid Group, Singtel Dash are first non-bank financial institutions to use the peer-to-peer fund transfer service; merchant payments to be enabled later this year
Singapore
E-WALLET players Grab Financial Group, Liquid Group and Singtel Dash will now also offer PayNow services, marking the first time the peer-to-peer fund transfer service is made available to non-banks.
A new PayNow proxy called the Virtual Payment Address (VPA) has been created to facilitate fund transfers between bank accounts and these e-wallets, as well as transfers across the e-wallets.
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