
Retail banks to launch P2P fund transfer service
They will be using PayNow.
Seven retail banks in Singapore will not be using digital payments with the new peer-to-peer fund transfer service.
According to RHB News Bulletin, customers of participating banks - Citibank, DBS, HSBC, Maybank, OCBC Bank, Standard Chartered Bank and UOB - will be able to use a service known as PayNow, through which they can send and receive Sing-dollar funds starting July 10.
The service promises a seamless way to split the cheque or make home-tutor payments using mobile numbers, with the fund-transfer service potentially extended into commercial transactions as soon as a year's time.
The 24-hour service is for free.