Paylah vs PayNow vs PayAnyone vs MyKey
Paylah vs PayNow vs PayAnyone vs MyKey , all these phrases sounds like Singlish if you agree with me.
Singapore Government effort to convert its existing payment method from cash to cashless society , have prompted new technology which enable the user to transfer fund through mobile phone number or NRIC number.
Now User , just need to link their Mobile Number and NRIC to their Bank account to transfer and receive money.
With this new Technology of payment, will enable Small business such as SME , Hawkers, Retailer to have an alternative option.
In terms of payment receiving.
There are 4 major New Payment Platform now available :
- Paylah
- PayNow
- PayAnyone
- MyKey
In this Article , i will compare these Platform Paylah vs PayNow vs PayAnyone vs MyKey.
Paylah vs PayNow vs PayAnyone vs MyKey
| No | Type Of Transfer | Bank Participating | Transfer Method Mode | Platform | Who Can You Transfer Money To | Daily Transfer Limit | Transaction Charges |
|---|---|---|---|---|---|---|---|
| 1 | Paylah | DBS | Receiver Mobile Number QR CODE |
PayLah Mobile APP | Only User registered with Paylah Wallet | Paylah Wallet limit S$999 | Free |
| 2 | PayNow | CITIBANK DBS/ POSB UOB OCBC HSBC MAYBANK STANDARD CHARTED |
Login into Internet Online Banking | Receiver MOBILE Number | 7 PayNow Participating Bank | Follow the Same Limit subjected to FAST criteria | Free |
| 3 | PayAnyone | OCBC | QR CODE SIRI CUSTOM Keyboard with access to Messaging APP. IMessage |
PayAnyone APP | 19 FAST Participating Bank in singapore | S$1000 | Free |
| 3 | MyKey | UOB | Custom Keyboard , transfer money through messaging APP | UOB Mighthy APP | 19 FAST Participating Bank in singapore | NA | Free |
During 2014 , 19 Banks collaborated to launch FAST transfer service. Pay Now is a new extension version almost Similar to the FAST transfer Service.Currently it has 7 Participating Banks , and many banks will joint the wagon in near future.
With the implementation , of this kind of technologies.
There will be a revolution in the retail payment market. Card and stripes might become obsolete.
Conventional payment merchants, will have hard time, to convince retailer.
If retailer found out there is a cheaper solution. Without investing too much into Cards and Stripe Machine. They might fully tap into this new alternative.
Benefits Towards Public.
- More Convenient, as all transaction can be done via Mobile.
- Easier to Track the Expenses compare to Cash Payment.
- Free of Charge no Transferring fee
- Benefit to Retailer and Merchant as there are little or low investment.
- Increases and boost business activities due to ease of usage.
- Decrease transaction time , and increases business volume.
Though the Technology may be looks disruptive , but it make people life easier.
Compare Singapore Bank Saving Account
Check out here for more Information about PayNow