Global fintech TransferWise now allows remittances via PayNow

Global fintech TransferWise now allows remittances via PayNow

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2 -min read
Listen to this article

LONDON-based fintech firm TransferWise has formally added PayNow to its other payment options like credit card, debit card and bank transfer, following an initial test of the mobile payments service, it said in a Thursday announcement.

It added that PayNow, the peer-to-peer funds transfer platform adopted by banks in Singapore, had been available to some users since late last year, and the feature was tested and rolled out in phases. It added that take-up rate in its initial roll-out saw a third of users using PayNow to fund their transfers.

To make transactions using PayNow on TransferWise, users need to input the company’s unique entity number to their PayNow app or scan a QR code provided. The service can also be accessed via desktop browsers or mobile apps.

Timothee Ledure, lead product engineer at TransferWise, said: “When our customers told us they like PayNow for its speed and convenience, we added the implementation of PayNow to our engineering plans and worked to launch the feature as quickly as possible.”

TransferWise, which launched its Singapore service in 2016, said it now moves over S$1.7 billion in transactions in and out of the country yearly. Globally, it handles £3 billion (S$5.34 billion) in cross-border transfers every month for its four million customers.

It also adopted government service MyInfo as part of instant verification processes for new users in Singapore.