TransferWise enables PayNow for Singapore users to receive money from overseas

UK-BASED fintech startup TransferWise on Monday rolled out a new service allowing Singapore customers to receive funds internationally using peer-to-peer instant payment service PayNow.

This means individuals in Singapore can now receive money from abroad by simply sharing their names and mobile numbers to the senders, while businesses will provide their names and PayNow unique entity numbers, without having to exchange bank details.

Users without a PayNow profile can still receive funds through TransferWise's existing payout option by providing their bank account details.

In March 2019, the company enabled Singapore customers to send money abroad via PayNow. It currently allows Singaporeans to receive money from 45 countries and send money to 84 countries.

The international money transfer company has its global headquarters in London and its Asia-Pacific head office in Singapore.