What is PayNow?
PayNow is a new service that enables you to easily receive funds via electronic channels - namely internet banking and mobile banking, using your National Registration Identity Card (NRIC) or mobile phone number instead of a bank account number. You may also transfer funds to another individual via electronic channels using their NRIC or mobile phone number.
What are the benefits of PayNow?
PayNow is a convenient way to receive and transfer funds.
Transfer funds – By using PayNow, you can pay another individual who has registered for PayNow using their NRIC or mobile number. You do not need to know their bank account number, bank name or branch name to make the transfer.
Receive funds - Likewise, by registering for PayNow you can receive funds by providing your NRIC or mobile number to the paying party. You do not need to give them your bank account number, bank name or branch name.
Is there a limit amount I can send through PayNow?
You can send up to S$200,000 per transaction, capped at your daily 3rd party transfer limit, whichever is lower.
Can I make international funds transfer via PayNow?
No. PayNow is only available for local (Singapore dollar) funds transfers.
Can I use PayNow to send money abroad?
PayNow can only be used to make payments to SGD denominated savings and current accounts in Singapore. If you need to send money abroad, please use our Worldwide Transfer services.
What is the cut off timing for incoming Fast And Secure Transfers (FAST) transaction to accrue interest on the same day?
The interest accrual for the incoming FAST transfer amounts would be based on the fund received prior to the cut off times for the respective days mentioned below:
- Weekdays - 22:00 hours
- Saturdays - 17:00 hours
- Sundays (non-business day) - Based on Saturday's cut-off time
- Public holidays (non-business day) - Based on previous working day's cut-off time
- For incoming FAST transfers made on a Saturday after 5pm, though funds will be reflected in the beneficiary accounts on the same day, value date1 of the deposit will commence on Monday or the next business day. (if Monday is a Public Holiday)
- For outgoing FAST, please check with the receiving bank on the value date of your FAST, as this may be subject to their respective cut-off time or business days.
How do I register for PayNow?
You can register for PayNow using HSBC’s Personal Internet Banking facility. The registration process should take you less than 5 minutes. By registering for PayNow, you are linking your savings or current account to either your NRIC and/or the mobile number that you have registered with HSBC.
Do I need to register for PayNow? Do I have a choice?
Paying party - You do not need to register for PayNow and can transfer funds to a PayNow registered recipient using either HSBC's Personal Internet Banking facility or HSBC's mobile banking service.
Funds recipient - You must have already registered for PayNow before you can receive funds by providing you NRIC or mobile phone number to the paying party.
Is there a fee for PayNow registration?
There is no fee for PayNow registration.
What are the conditions for PayNow registration?
The conditions for PayNow registration are as follows:
- You must be registered for the bank's Personal Internet Banking facility.
- You can choose to register either your NRIC or mobile number or both of these numbers.
- You can register a maximum of 2 bank accounts for PayNow - one linked to your NRIC number and one linked to your mobile number.
- Only individual savings and current accounts in Singapore can be used for PayNow registration.
- In the case of Singapore joint accounts, only those accounts where each joint account holder can sign individually to operate the account qualify for PayNow registration.
- As the registration process for PayNow involves you receiving an One Time Password(OTP) via SMS, you must have a mobile number registered with the bank.
- If you have already used either your NRIC or mobile number to register for PayNow, the previous registration must first be cancelled before a new registration can be made.
Can I register with more than one participating bank?
Funds recipient - You can only link one bank account to each of your NRIC and mobile number. The bank accounts do not need to be with the same bank.
Paying party - You do not need to be registered for PayNow to send money from your bank accounts. Only the funds recipient needs to be PayNow registered.
I have several accounts at different banks. Which account should I use to register for PayNow?
You can register for PayNow by linking your NRIC and/or mobile phone number with the bank account of your choice.
I am a foreigner. Can I register for PayNow?
Yes. You can link your mobile phone number registered with HSBC with your Singapore dollar denominated current or savings account.
Can I register using a foreign mobile number?
Yes you can, as long as your foreign mobile number is the same number registered with your bank accounts.
Is there any action required by me if I close my account with HSBC?
We will deregister your details from PayNow if your Deposit Account has been closed.
What do I need to do if there is a change/cancellation to my mobile phone number registered under PayNow?
There is a two-step process you need to complete:
- You will need to update your new mobile number using our Personal Internet Banking facility under the "Services, Update Telephone and Fax number" option. We strongly encourage that you to de-register your old mobile number with PayNow before you stop using that number to avoid any payment to your old mobile number. We will only delete your old mobile number from PayNow after you have completed the update request on our Personal Internet Banking facility by following the steps set out there.
- We will need one working day to update our system with your new mobile number. Please remember to re-register for PayNow when your new mobile number is reflected in the PayNow registration page. Re-registration is not automatic. Important - You should not use your new mobile number to receive money through the PayNow service until your new mobile number is reflected correctly on our PayNow registration page. Please also remember to update the individuals from whom you are expecting payment about at your new mobile number.
If I register for PayNow with my mobile phone number and my mobile phone is lost or stolen, will this affect the money in my account?
Funds recipient - This should not affect the receipt of funds into your PayNow-linked bank account as the transfer of funds is not routed through your mobile phone.
What happens if I accidentally send a payment to the wrong mobile number?
Every time you send money using PayNow, you will be asked to verify the nickname selected by the recipient to be associated with his/her bank account and the NRIC or mobile number of the recipient before confirming the payment instruction. If you are in any doubt that you are paying the correct person, you should not confirm the payment instruction.
If you have transferred funds to an unintended recipient, please contact the bank immediately for assistance. We will need to investigate the matter and follow up with the recipient's bank to return the funds. You are strongly encouraged to make a police report to facilitate the investigation.
What happens if I receive unauthorised funds from an unknown person?
Please contact the bank immediately for assistance in returning the funds. You are strongly encouraged not to retain or utilise the funds and to make a police report in respect of this matter.
Scan and Pay
What is Scan and Pay?
By using the “Scan and Pay” function in HSBC Singapore app, you can scan a SGQR to initiate a PayNow transfer to the mobile number or UEN of the recipient consumer or corporate respectively. This is an easier way for you to pay corporates and other consumers. You don’t have to key in their mobile number or UEN.
How do I scan a QR code and pay?
You can look out for PayNow logo under the SGQR to identify and confirm that the biller/merchant accepts PayNow.
To make payment using ‘Scan and pay':
- Tap Scan and pay > Scan the QR code
- Log on to the HSBC Singapore app
- Input the transfer amount, select the debiting account and click continue
- Review the accuracy of the information especially the Nickname
- Click Confirm to complete the transfer
How can I generate a personal QR code?
You can generate a personal QR code to receive payment from your friends.
To generate a personal QR code:
- Log on to the HSBC Singapore app and select “Show my QR code”
- Alternatively, after logon, select “Move money” and then “Show my QR code”
- Tap “Add payment details” to enter Amount, Recipient reference and Expiry date if required and click done
- A QR code is generated
- You can save the image to your device photo gallery if required
How can I ensure the SGQR code label has not been tampered with?
After scanning an SGQR code, you should check that the merchant name displayed on the HSBC Singapore app matches with the merchants’ name displayed above the SGQR label. Upon successful payment, you should receive an almost immediate payment notification. Similarly, merchants should receive a notification as well.
If you suspect fraud, please immediately report this to HSBC.
Can I use Scan and pay on Grab / NETS QR code?
No, the HSBC Singapore app does not support Grab / NETS QR codes currently. You can only scan PayNow/ SGQR QR code to initiate a transfer.
How do I know the SGQR has been integrated with PayNow at storefront?
Look out for PayNow logo in the SGQR label then launch your HSBC Singapore app to make payment.
How do I know the SGQR has been integrated with PayNow in the bill presentment?
Look out for the wordings PayNow which the billers should make clear when listing the types of payment accepted by the company on the bill.
What are the logos under the QR? What if the logos are not updated with the latest available Scan and Pay channels?
These logos represent the payment schemes that are accepted by participating merchants and businesses. It is the responsibility of the participating merchants and businesses to remove outdated QR codes to ensure that payments can be received seamlessly.
Why is HSBC Singapore app not detecting the SGQR code?
It might be due to one of the following reasons:
- PayNow is not one of the payment modes in the SGQR
- The QR code has expired
- The resolution of the QR code is too low to be scanned
- Technical issue of the camera on mobile phone