This marks the first international money transfer that accepts PayNow

TransferWise, the global remittance fintech company, announces that it will allow customers to fund their remittances using Singapore-based mobile payment service PayNow. TransferWise becomes the first international money transfer company to do so.

The launch will allow TransferWise customers in Singapore to have four options for making payments: credit card, debit card, bank transfer, and PayNow, which allows it to offer the most number of payment methods in Singapore.

“PayNow has become a widely-used method of instant payment by consumers in Singapore. Our customers told us they like PayNow for its speed and convenience, so we added the implementation of PayNow to our engineering plans and worked to launch the feature as quickly as possible,” said Timothee Ledure, Lead Product Engineer at TransferWise.

TransferWise was founded in 2011 and headquartered in London with a mission to make international money transfers instant, convenient, transparent and eventually free. The company said that it handles US$3.9 billion (S$5.34billion) in cross-border transfers every month for its 4 million customers.

TransferWise was launched in 2016 in Singapore and said to have moved over US$1.3 billion (S$1.7 billion) in and out of Singapore every year ever since.

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PayNow Corporate was launched in August last year, giving businesses and corporate bodies access to peer-to-peer instant payment service PayNow which allows transfers using just mobile phone numbers eliminating the need to exchange bank account numbers.

Users who choose to pay via desktop browsers or mobile apps using PayNow by either inputting the TransferWise Unique Entity Number (UEN) – which is 201422384R – to their PayNow app or scanning a QR code provided.

Later on, TransferWise will also offer a form of instant verification for new users when it was made available to businesses here with MyInfo.

To date, TransferWise has sent money from 43 countries to 71 countries.
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