Future of Banking: How PayNow is Revolutionizing the Payment System

Author(s)	Surya Ravikumar
Country	United States
Abstract	Over the past few years, Singapore's banking and payments scene has experienced a radical change, especially with the launch of PayNow. PayNow is a realtime peer to peer (P2P) payment system that was introduced by the Monetary Authority of Singapore (MAS) in 2017. It allows users to send and receive money quickly using their mobile numbers or NRIC/FIN numbers. It has grown to be an important component of the country's digital payment system thus allowing businesses and individuals to conduct safe, quick and easy financial transactions. The influence of PayNow on Singapore's financial ecosystem and payment system, its contribution to the nation's transition to a cashless society, and its compatibility with the government's Smart Nation project are all examined in this paper. The paper also explores PayNow’s contribution to financial inclusion, economic growth, and future innovations in the digital payment space, providing a comprehensive understanding of how PayNow is shaping the future of banking in Singapore.
Field	Engineering
Published In	Volume 1, Issue 3, November-December 2019
Published On	2019-11-15
DOI	https://doi.org/10.36948/ijfmr.2019.v01i03.39047
Short DOI	https://doi.org/g88g5r

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International Journal For Multidisciplinary Research