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PayNow banks raise default limit to S$5,000 for ad-hoc transactions

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THE Association of Banks in Singapore (ABS) said on Monday that all nine participating PayNow banks will now allow ad-hoc transactions of S$5,000 or more, offering customers a wider scope of payments to merchants and friends.

THE Association of Banks in Singapore (ABS) said on Monday that all nine participating PayNow banks will now allow ad-hoc transactions of S$5,000 or more, offering customers a wider scope of payments to merchants and friends.

The higher default limit applies to PayNow on both Internet banking and mobile application channels, ABS said in a press statement.

It also applies to scan-and-pay transactions, as well as transfers initiated by entering the recipient's NRIC, mobile number or Unique Entity Number, without the need to add the recipient as a payee.

Customers will need to enter their second factor authentication for transactions above S$1,000. They may also set their PayNow limit to a level they are comfortable with, said ABS.

As at end-August 2020, there are about 4.5 million registered PayNow users who collectively transferred nearly S$34 billion since the launch of the electronic fund transfer service in June 2017.

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The nine PayNow banks are Bank of China, Citibank, DBS, HSBC, ICBC, Maybank, OCBC, Standard Chartered and UOB.

Transaction limits offered by each bank:

 

 

 

 

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