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.
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.
Jumio has announced the partnership with digital bank Monzo, to verify new users and support know-your-customer (KYC) requirements.
Monzo will use Jumio’s Netverify to help verify customers who are moving from its prepaid card service to a full current account. This will enable the bank to comply with KYC requirements while removing the manual verifications from Monzo employees.
Jumio’s solution will also be used to verify existing prepaid card consumers and new people signing up for Monzo’s current accounts.
Jumio is an identity verification and credentials company that helps businesses reduce fraud. The company utilises proprietary computer vision technology to reduce customer sign-up and checkout friction.