PayNow Will Complement ePayment Apps in Singapore

The PayNow fund transfer system that goes live on July 10 will not replace existing e-payment apps and methods but make them even easier to use, banks say.

PayNow will allow people to transfer money to one another using just the recipient’s mobile or NRIC number. The Association of Banks in Singapore announced it on Tuesday as an important step towards developing a cashless society.

Customers of seven participating banks – DBS Bank, OCBC Bank, United Overseas Bank, HSBC, Standard Chartered Bank, Citibank and Maybank – who want to send and receive money through PayNow will have to link their mobile and NRIC numbers to their accounts, either through the bank’s website or mobile app.

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Malaysia: No More Signing for Card Payments

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Goodbye signatures, hello personal identification numbers (PIN). It is all systems go for the nationwide transition to PIN and Pay on 1 July 2017.

PINs will be mandatory for all transactions over the counter using credit and debit cards.

Today marks the end of the six-month grace period where cardholders and merchants were allowed signatures for transactions.

A smooth transition is expected, with most cards and point-of-sale (POS) terminals being replaced and a vast majority of cardholders using their PIN for payment.

Close to 23 million payment cards have been replaced, translating to 100% of credit cards and 98.5% of debit cards as of May.

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Why India’s Hike Messaging App Adding Payment Services Matters

Hike messenger, a popular phone messaging service app in India, has recently decided to introduce payment services on its platform.

The payment service includes both peer to peer payments that do not require bank accounts and use in-app wallets, and bank to bank payments using the UPI platform introduced by the National Payments Corporation of India (NPCI). In doing this, Hike has emulated the services provided by WeChat, a Chinese messaging app owned by Tencent. The latter is also an investor in Hike. Such payments cater to both ad hoc requirements between app users, and special occasions such as birthdays or anniversaries on which people often send cash if they are not able to give a present.

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