Two of Singapore’s most popular mobile wallets, PayNow and PayLah, are transforming the way we manage our money and make payments. Both provide easy cashless transactions, but their features and functions are different.
This guide will cover the key differences between PayNow and PayLah, highlighting their unique features and assisting you in selecting the one that best meets your requirements.
What is PayNow?
PayNow is a peer-to-peer fund transfer service that is accessible to users of four non-bank financial institutions in Singapore, as well as 10 participating banks. Among the participating providers are CIMB Bank Berhad, Bank of China, DBS Bank/POSB, HSBC, Maybank, OCBC Bank, UOB, Standard Chartered Bank, GrabPay, Singtel Dash, LiquidPay, and Xfers.
PayNow users may send and receive money in Singapore dollars fast using just a mobile number, NRIC/FIN, or Virtual Payment Address (VPA). No recipient details or bank account information is needed.
It was first made accessible for banks in 2017 and was then extended to e-wallets in 2021. It is a free service that is available 24/7.
Furthermore, did you know that PayNow, through PayNow Corporate of partner banks / non-bank financial institutions (NFI), expanded beyond retail consumers to corporates, enterprises, associations, societies, and Singapore government agencies? They are collectively referred to as “Entities” in this context.
By linking their Singapore bank account to their Unique Entity Number (UEN), which was issued in Singapore, PayNow Corporate allows Entities to send and receive money in Singapore dollars instantly. Similar to PayNow, PayNow Corporate doesn’t have to be aware of the other Entities’ bank or account number when sending money.
Entities must sign up for the service online through their banking platform to receive funds. For assistance, they can also get in touch with their bank or NFI.
What is PayLah?
With more features than just money management, PayLah! is an all-in-one mobile wallet from DBS. If you need to pay bills, shop online, order takeout, or reserve tickets for your upcoming trip, this is the app you should use.
Within the app, you may access your DBS banking services and take advantage of exclusive deals and savings with just a tap. Within PayLah, you can use your rewards points, credit card statements, and credit card applications to pay off expenses.
Because of the auto debit feature, it’s really simple to top off your PayLah! wallet and make payments. You can pay with a QR code at participating merchants using NETS, FavePay, PayNow, or SGQR (which includes the PayLah logo). You can easily enjoy every day and genuinely live a longer life with PayLah.
PayNow Vs PayLah: What Are the Differences?
In addition to understanding what PayNow and PayLah are, it’s crucial to know their key differences. Here’s a brief overview of those distinctions:
PayNow | PayLah! | |
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What Does It Offer? | Funds Transfer Service | All-in-One Mobile Wallet |
Who Can Use It? | Customers of CIMB Bank Berhad, Bank of China, DBS Bank/POSB, HSBC, Maybank, OCBC Bank, UOB, Standard Chartered Bank, GrabPay, Singtel Dash, LiquidPay, and Xfers | Singaporeans and PRs with DBS Bank/POSB accounts |
What is the required information to use the service? | Mobile number, Singapore NRIC/FIN, or Virtual Payment Address (VPA), Unique Business Registration Number (Unique Entity Number – UEN) or Paynow QR | Mobile number, or QR code |
What are the key features? |
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How PayNow & PayLah Works?
PayNow: How it Works
PayNow is an enhanced fund transfer service that enables users to send money to customers of participating banks and e-wallets. Additionally, it can be used for cashless payments.
PayNow: Sending Money
The sender can now avoid the inconvenience of having to remember their peers’ bank account numbers thanks to an improved fund transfer service. These days, sending money is simple. All they have to do is sign into their PayNow account. Next, enter VPA or mobile, confirm, and complete the payment.
PayNow: Receiving Money
To receive Singapore dollar funds, the receiver must register their mobile number, NRIC/FIN, or VPA. This is also essential to start receiving your salary, insurance claims, CPF payout, SG bonus, and more.
PayNow: Cashless Payment
It’s simple to use your mobile device to scan and pay at participating businesses. Make sure to verify the merchant’s name again before confirming your payment.
More Ways to Pay:
- Shop on-the-go at your favorite stores
- Pay your bills on time
- Enjoy secure payments with online merchants
Here’s how to make QR Code Payments
PayNow and SG QR codes with the PayNow logo can be scanned with the PayNow mobile banking app.
- Open the mobile banking app from your bank and log in.
- Open the bank app and scan the QR code.
- If the payment amount fails to appear, enter it and confirm the transfer.
DBS PayLah: How it Works
PayLah is more than just a mobile wallet; it’s an all-in-one lifestyle mobile wallet app. Easily pay for rides, order food, book tickets, and more, all while earning exciting rewards.
Beyond everyday transactions, PayLah empowers you to manage your finances with ease. Send, receive, or request money, pay bills, and even shop online. Plus, with exclusive deals and discounts, you’ll unlock savings on the things you love.
But that’s not all! PayLah integrates seamlessly with DBS banking services, allowing you to check card statements, apply for credit cards, or set up installment plans directly within the app. You can also track your rewards and offset credit card bills effortlessly.
Topping up your PayLah wallet is a breeze, with automatic deductions from your Digibank account. And with a simple scan of the QR codes at various merchants, paying for your purchases becomes a seamless experience.
How to Apply for DBS PayLah?
To begin using PayLah, you may need to download the DBS PayLah! app and sign up via digibank, or Singpass or using your parent’s Singpass.
Please be aware that a single PayLah account can only be connected to a single mobile number. Additionally, only Singaporean citizens or permanent residents may register using Singpass.
PayNow Vs PayLah: Which One Is Right For You?
PayNow offers a simple and useful way to transfer money. You may use it without downloading a separate app.
Peer-to-peer transfers, merchant payments, and even government disbursements can all benefit from it. If you have an account with any of Singapore’s participating banks, PayNow is easily accessible.
Nevertheless, PayLah is especially ideal for DBS/POSB users because of its easy-to-use interface and smooth DBS ecosystem integration. Additionally, it offers its users access to exclusive discounts and promotions.
Moreover, PayLah consumers using Google Pay can link their wallet to easily send money to anybody, even if they don’t use PayLah or not. Essentially, PayLah adds more features and advantages to the PayNow experience.
The Bottom Line
While both PayNow and PayLah provide safe and easy methods for transferring money around Singapore and cashless payment.
However, they have key differences. PayNow is preferable in interbank transactions and widely accepted around Singapore. However, PayLah provides extra benefits and functionality especially for DBS/POSB users such as getting rewards while using this Ultimate Everyday App.
If you find yourself short on funds while using PayNow or PayLah, Crawfort can help you out right away with its instant loan in Singapore. Apply for a quick loan and get your application approved in as little as 8 minutes.