PayNow increases limit for ad-hoc transactions to $5,000

Users may also set their own PayNow limit.

The nine banks participating in PayNow service will now allow ad-hoc transactions of at least $5,000 or more, the Association of Banks in Singapore announced.

The increase limit applies to both internet banking and mobile application channels,and includes both scan-and-pay transactions and transfers initiated by entering the NRIC, mobile number, or Unique Entity Number (UEN) of the recipient, without first going through the process of adding the recipient as a payee.

For transactions exceeding $1,000, customers will be required to key in their Second Factor Authentication (2FA).

PayNow previously set the daily transaction limit at $1,000.