DBS, StanChart offer Google Pay option for transfers to PayNow users
DBS PayLah! and Standard Chartered Bank customers can now use Google Pay to transfer funds directly from their bank accounts to anyone registered with PayNow.
DBS Bank and StanChart are the latest banks to offer this payment option after OCBC Bank introduced it in April.
Through the integration of Google Pay with funds transfer service PayNow, DBS PayLah!, OCBC and StanChart customers can link their bank accounts to the Google Pay mobile app so that payments will be directly debited without needing a card.
Launched in 2017, PayNow lets customers of nine participating banks send and receive money from their bank accounts using their mobile or NRIC numbers.
Google Pay users can also pay merchants by scanning QR codes (SGQR or PayNow QR) or by entering a unique entity number. Recipients do not need to be on Google Pay.
Google Pay has a daily transfer limit of $2,000, but partner banks are allowed to set stricter limits. For instance, StanChart customers are limited to $1,000, while DBS PayLah! users will be restricted by the wallet limit in their accounts. OCBC customers can make daily transfers of up to $2,000 within the app.
Customers of banks other than DBS, OCBC and StanChart can also use Google Pay to transfer funds by linking their bank accounts through DBS PayLah!.
Previously, Google Pay users, like those using Apple Pay and Samsung Pay, could pay merchants using only their credit cards. Apple Pay and Samsung Pay do not support PayNow.
Mr Patrick Teo, Google Pay's director of engineering, said: "We are excited to launch a new Google Pay experience that builds on Singapore's robust payments infrastructure - PayNow and SGQR. Designed and built for Singaporeans, the new Google Pay enables a consolidated payment solution that is simple, secure and helpful."
Google Pay lets users pay for purchases at physical stores by tapping their smartphones on contactless readers. They can also use Google Pay for MRT and bus rides, as well as online purchases on websites or apps that support the digital wallet. - THE STRAITS TIMES