PayNow, PayLah!, & Pay Anyone (OCBC): Making Sense of It All

PayNow, PayLah!, & Pay Anyone are similar alternative payment methods with some noticeable differences. Check out what makes these systems tick and which one works best for you.

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From convenience to a desire to maintain minimal contact, cashless payments have become the most popular payment method in Singapore in recent years.

While card payments remain popular, alternative payment methods such as e-wallets and direct fund transfers have slowly but steadily made their presence felt.

Besides sharing suspiciously similar names, PayNow, PayLah!, and Pay Anyone are convenient ways for Singaporeans to send and receive money instantly and make payments online. These alternative payment methods saw significant growth during the COVID pandemic as Singaporeans began adopting cashless payment methods.

However, with so many alternative payment methods available, it can be tricky to make sense of it. So let’s look at PayNow, PayLah!, and Pay Anyone.

PayNow
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PayNow is a fund transfer service that allows you to send and receive payments instantly. You need to scan a QR code or provide a Singaporean NRIC, FIN, or Virtual Payment Address (VPA).

As the system is highly-integrated in Singapore, PayNow is supported by more than 8 banking apps and 4 non-bank financial institutions i.e. GrabPay, LiquidPay, Singtel Dash and Xfers. Additionally, all Singaporean government agencies accept payments via PayNow, meaning that you can use the service to pay for school fees or even fines.

Additionally, PayNow QR codes are available all across Singapore and are compatible with e-wallets such as GrabPay, PayLah!, and Pay Anyone. Hence, making PayNow one of Singapore's most flexible alternative payment methods.

PayNow is also compatible with Malaysia's DuitNow and India's UPI. This will allow you to make or receive payments directly into your bank account without worrying about any cross-border regulations or fees.

Businesses can also enjoy instant transactions with PayNow corporate. To receive or make payments, you only have to provide your Unique Entity Number (UEN).

PayLah!
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The creatively named PayLah! adapted from the Singaporean slang, is an e-wallet app offered by DBS Bank that allows you to send and receive funds to friends, family, and merchants. You can also use the app to order food, hail rides, and pay bills, among other things.

On top of that, you can use PayLah! to scan PayNow QR codes to make payments which gives users more flexibility. PayLah! is designed as a lifestyle app similar to GrabPay and FavePay. This means that you can collect rewards and earn cashbacks every time you pay with PayLah!

You don't need a DBS/POS bank account to use PayLah!, but that would mean that you'd be missing out on other perks, such as the app's auto-debit feature.

While PayLah! is not as popular as PayNow, the app allows users to transfer their unused e-wallet balances back into their DBS/POS bank accounts.

Pay Anyone
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Pay Anyone is a payment app provided by OCBC that extends the bank’s range of financial services. For example, Pay Anyone lets you withdraw money from any OCBC ATM without a card by scanning the QR code displayed. However, to use OCBC Pay Anyone you’ll have to sign up for an OCBC bank account.

As Pay Anyone is compatible with PayNow, you can also use its QR codes to transfer funds or pay merchants. You also get to earn cashbacks on certain purchases whenever you perform a transaction with Pay Anyone.

Interestingly, Pay Anyone also allows you to transfer funds to peers via their Facebook ID. The biggest drawback about this app is that it's only available to OCBC customers. However, the range of options, such as cardless cash withdrawals, make the app well worth looking at.

How to Register for PayNow, PayLah!, and Pay Anyone
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FAQs
1. What is PayNow, PayLah!, and Pay Anyone

PayNow, PayLah, and Pay Anyone are alternative payment methods for transferring and receiving funds, with all 3 platforms being usable in Singapore. To make payments using these platforms, users can scan a QR code or input details such as NRIC/FIN numbers, mobile numbers, or email addresses.

PayNow is an instant fund transfer service used by both consumers and merchants. Currently, it is the only alternative payment method supporting cross-border transactions between Singapore, Malaysia, and India.

PayLah! is a lifestyle app and e-wallet from DBS/POS bank that facilitates payments and provides a range of other services. It can also use PayNow QR codes to transfer funds.

PayAnyone is OCBC’s payment app which supports cardless ATM withdrawals and facilitates instant bank transfers via PayNow or through identifiers such as email addresses, NRIC numbers, or Facebook ID.

2. Can I use PayNow to transfer funds to someone with PayLah! or Pay Anyone?

Yes — PayNow and PayNow Corporate is supported by a variety of local and international banks in Singapore. It’s also the main platform used for instant fund transfers between banks in Singapore.

3. Can I use PayNow, PayLah!, and Pay Anyone to transfer funds overseas?

Currently, you can only use PayNow to transfer funds to bank accounts in Malaysia and India. PayLah! and Pay Anyone is only usable for transfers within Singapore.

4. Who can use PayNow?

To register for PayNow, you must sign up with a mobile phone number linked to your PayNow-supported bank account. So, even if you’re a foreigner, you can register with PayNow — but it’s important that you have a bank account with a financial institution supported by PayNow.

5. Who can use PayLah!?

To use PayLah!, you must be above the age of 16 and have a smartphone with a Singaporean phone number. However, it’s recommended that you use PayLah! in conjunction with a DBS/POS bank account to enjoy more perks.

6. Who can use Pay Anyone?

Pay Anyone is only available to OCBC current/savings account holders or OCBC credit/debit card holders.

Closing Thoughts

Alternative payment methods represent the next logical step forward for the cashless payments ecosystem. Besides being quick and easy to use, these platforms facilitate funds' quick and easy movements between peers and merchants.

As e-wallets and other alternative payment methods take hold across Asia, businesses would do well to stay up-to-date. But with so many players, achieving synergy can be tricky — fortunately, XanPay is here to help.

XanPay is an online payment platform compatible that supports all manner of alternative payment systems across Asia Pacific. All of which allow businesses to tap into previously inaccessible markets.

For more information on how XanPay can help you take your business to the next level, visit our site here.

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