Introduction
PayLah! and PayNow are two of the most popular mobile payment platforms in Singapore. Both platforms offer convenient and secure ways to send and receive money. However, there are some key differences between the two platforms.
Differences Between PayLah! and PayNow
| Feature | PayLah! | PayNow |
|---|---|---|
| Transfer Limit | S$1,000 per transaction | S$200,000 per transaction |
| Transaction Fees | None | None |
| Supported Banks | DBS/POSB, OCBC, UOB, Standard Chartered, Citibank | All banks in Singapore |
| Availability | Available 24/7 | Available 24/7 |
| Security | Protected by DBS/POSB’s secure banking platform | Protected by SingPass |
How to Transfer Funds from PayLah! to PayNow
Step 1: Open the PayLah! app
Step 2: Tap on the “Send” button
Step 3: Select “PayNow”
Step 4: Enter the recipient’s mobile number or NRIC
Step 5: Enter the amount you want to transfer
Step 6: Tap on the “Send” button
Tips and Tricks
- You can also transfer funds from PayLah! to PayNow via SMS. To do this, simply send an SMS to 9388 with the following format: “PAYNOW
“. - If you are transferring funds to a recipient who is not registered with PayNow, you will need to provide their bank account number and branch code.
- You can track the status of your PayLah! to PayNow transfer by logging into your DBS/POSB account.
Common Mistakes to Avoid
- Do not enter the wrong recipient’s mobile number or NRIC.
- Do not enter the wrong amount.
- Do not send funds to a recipient who is not registered with PayNow.
Case Details
In 2022, PayLah! and PayNow processed a combined total of over S$10 billion in transactions. This figure is expected to grow to over S$20 billion by 2025.
The growth of PayLah! and PayNow is being driven by the increasing popularity of mobile payments in Singapore. According to a study by the Monetary Authority of Singapore (MAS), the number of mobile payment transactions in Singapore increased by 20% in 2022. This growth is expected to continue in the coming years.
Conclusion
PayLah! and PayNow are two of the most popular mobile payment platforms in Singapore. Both platforms offer convenient and secure ways to send and receive money. However, there are some key differences between the two platforms.
