If you’re like most Singaporeans, you’re looking for a seamless money transfer service. You need an easy-to-access platform to reimburse vendors or to send friends money from your phone.
Not all these services are created equal. Read the guide below for an in-depth PayNow vs PayLah vs Pay Anyone comparison.
We’ll tell you the advantages of all these platforms, how to register on them, and how to use them.
We’ll discuss essential details like cashback and discounts versus ease of use. Just like online financial platforms that help with loan applications, they have to be convenient and fast.
That way, you’ll log into the right app without losing precious time.
PayNow Vs PayLah Vs Pay Anyone At A Glance
PayLah and Pay Anyone are fund transfer services created by two central banks in Singapore, DBS and OCBC. You have to install both these apps before you can use them.
Although the process is straightforward enough, it still takes a few minutes to complete all the steps. The problem is for non-DBS customers who need PayLah. If that’s you, you’ll need to take some additional steps that we’ll discuss below.
Conversely, you may already have PayNow without knowing it.
PayNow is a transfer service devised by the Association of Banks. If you’re banking with one of the nine partners, your PayNow is included in your internet or mobile banking account.
Besides, PayNow is widely used in Singapore. Almost all service providers use it, whether merchants or government agencies. Even Singapore’s Government claims to use this transfer platform predominantly when dealing with cash.
The disadvantage with PayNow is its lack of discounts and perks. If you’re into maximising your dollars’ value, getting more cashback and prizes, PayLah and Pay Anyone are wiser choices.
|Registration||DBS members: seamless|
Non-DBS members: slightly harder
|Already done||OCBC members: easy|
Non-OCBC members: impossible
|Accessibility||Available with an app||Available via online or mobile banking||Available with an app just for OCBC account holders|
|Discounts and rewards|| |
What Is PayLah?
PayLah is a fund transfer service offered by DBS to Singapore citizens and Permanent Residents. You can access this app whether you’re a cardholder or not for making/requesting payments.
PayLah is a highly versatile app that you can use at most shops on the island. It’s a practical thing to have for online purchases and at some 80,000+ locations in Singapore.
Thus, you can:
- Order online
- Get discounted ComfortDelGro rides
- Book Golden Village movie tickets at a discount
- Send monies
- Send cash gifts to your loved ones
- Request payments
- Shop online and offline at 12,000+ FavePay partners
- Get discounts, prizes, and rewards, including 20% cash back at FavePay partners
How Do I Register For PayLah?
You can register for PayLah in just a few easy steps. The first thing you need to do is download the PayLah app.
For DBS/ POSB account holders:
1. Open the PayLah app.
2. Add your ID and password on the DBS/ POSB digibank website.
3. Input the six-digit code you’ve received by text to verify your identity.
4. If you have various DBS/ POSB accounts, pick the one that you want to be associated with the PayLah app.
5. Add your nickname, password and phone number to finish registration.
For non-DBS/ POSB account holders:
1. Open the downloaded app.
2. Click the register with SingPass option.
3. Log into SingPass.
4. Allow DBS access to your MyInfo.
5. Check your ID information.
6. Add info about your current employment and tax residency.
7. Add your password to complete the process.
How To Use PayLah?
PayLah is easy to use regardless of what you need to do with it. For example, you can shop online and send money with just a few clicks. Purchasing things from the 80,000+ vendors in Singapore is seamless because you only need to scan their QR codes.
If you’re shopping offline, you can choose partner locations by checking the corresponding logo. If you’re unsure whether they have PayLah, ask them.
One good news is that more retailers are adding PayLah as an option. Some already major vendors like Golden Village offer significant discounts, plus you can buy at Sheng Siong, 7Eleven, Dunkin Donuts, and more.
If you’re a DBS customer, you can accumulate various discounts and rewards in your account. That’s highly convenient because it means you can use them later for a more significant purchase.
Here’s another advantage for DBS account holders: You can use the Auto Debit feature so that you’re never out of money in your account. If you don’t like this option, switch back to the manual one.
What Is PayNow?
PayNow is another online service transfer devised by the Association of Banks in Singapore. Its most significant advantage compared to its two competitors is that most vendors and government agencies in Singapore are already using PayNow.
This service is fast, safe, and seamless. You won’t have to download any app; add your contact’s phone number or NRIC/ FIN.
Here’s the best thing about PayNow: Even PayLah and Pay Anyone customers can transfer money to those who own PayNow. On the downside, you won’t get any perks or rebates.
How Do I Register For PayNow?
If you’re working with the banks below, PayNow is already included in your online banking:
- Standard Chartered
Thus, PayNow wins the PayNow vs PayLah vs Pay Anyone battle in terms of convenience.
What Is The Maximum Transfer Limit For PayNow?
The limit for your PayNow transfers is the same as your daily local transfer limit.
Users are able to adjust this limit via DBS iBanking. If you are planning to make a large purchase soon, remember to adjust the limit beforehand.
How To Use PayNow?
Here’s how to use PayNow:
1. Log in to your online banking platform.
2. Go to PayNow.
3. Tap your NRIC or mobile number.
4. Pick the vendor or friend’s name.
5. Scan the seller’s respective QR code to make a payment. If they don’t have a QR code, fill in the UEN (Unique Entity Number) section. Add the necessary amount to complete the payment.
Apart from sending and receiving payments, PayNow has another advantage:
Many parents in Singapore use it for allowance transfers. As a result, your kids will get money directly into their accounts. All you have to do is fill in the number on their birth certificates or their NRIC.
Therefore, everyone can learn how to use PayNow seamlessly, whether they’re tech-savvy or not.
On the other hand:
- PayNow works for Singapore dollar funds only.
- You can’t use it for sums less than $1.
- The maximum overall sum you can send seamlessly every day is $1,000/ day. If you need to make additional payments, PayNow will take you through some extra steps.
What Is Pay Anyone?
Pay Anyone is OCBC’s online transfer service. This app works primarily the same way as DBS’s PayLah because you can use it for lots of payments to get rewards.
The problem is that you can only choose this option if you have an OCBC account. If you’re not an account holder, ask yourself whether opening one for Pay Anyone is worthwhile.
How To Use Pay Anyone?
Here’s how to use Pay Anyone for payments:
1. Open the app.
2. Fill in the recipient’s mobile number and NRIC, or:
3. Scan your QR code to reimburse merchants.
Here’s how to use Pay Anyone for money requests:
1. Send your request.
2. Wait for confirmation.
3. Fill in the QR cash withdrawal request on the Pay Anyone app at any OCBC ATM.
How To Register For Pay Anyone?
The first step to register for Pay Anyone is to download the app. Secondly, fill in your OCBC account details to start using it.
The app allows you to:
- Send more money per day than PayNow, within the limit of $200,000/ day.
- Get cashback rewards at specific merchants.
- Access several discounts and perks.
- Withdraw cash at OCBC ATMs without any card within the limit of $1,000.
Which Option Is Best For You?
If you read so far, you know the main differences between PayNow vs PayLah vs Pay Anyone. You understand the registering steps, and the main benefits, and how these services function.
What should you do if you still have doubts?
Assess the factors below:
- Eligibility requirements. You may not want to jump through all the hoops to access an app. For example, PayLah’s registration process is slightly more time-consuming for non-DBS account holders. And you’ll need to open an OCBC account to access Pay Anyone.
- Favourite partners. Ensure the merchants, government agencies, and people you’re sending money to use this service frequently.
- Additional discounts, cashback, and rewards. If you want to get more for each dollar you spend, you might want an app that maximises rewards. However, if you don’t like hunting for bargains and rebates, this factor isn’t essential for you.
Choose PayLah because:
- You want access to its slew of rewards and perks.
- You’re already doing business with most of the partner merchants.
- You’re an account holder and want to use the Auto Debit feature to top-up your account hassle-free.
- You want to cumulate the rewards for other significant purchases.
- The few extra registration steps for non-members don’t bother you.
Choose Pay Anyone because:
- You have an OCBC account or want to open one.
- You want an uncomplicated registration process.
- You like hunting for rewards and perks.
Choose PayNow because:
- The people who usually send you money can do that from their PayLah or Pay Anyone accounts without registering for this service.
- You don’t want to spend any time registering for another app.
- You have an account at one of the nine partner banks above.
- You want access to a platform used by most merchants, people, and government agencies in Singapore.
- You’re ok with transferring just Singapore dollar monies.
- You’re not interested in rewards and cashback.
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