Tuesday, July 11, 2017

PayNow and its Promotions

You are reading it right, I am referring to PayNow and not DBS PayLah.

Remember the days when you make a fund transfer to your friend and it takes a few days before it appears in your friend's bank account? Then came FAST which stands for Fast And Secure Transfers where the fund transfer/money magically appears immediately in your friend's bank account. PayNow uses the same magic except it allows you to make fund transfer simply by using the other person mobile number or NRIC on your ibanking site/application. This removes the hassle of going through the tedious process of adding "New Payee", double checking and triple checking to ensure that the account number you entered is correct before taking out your OTP device to verify and confirm the addition of 1 new payee (You have yet to make the fund transfer. lol). I guess this is definitely a small step towards Singapore becoming a Smart Nation and going cashless. I am still pretty amazed at how we survived in Iceland without cash, just credit cards.

Anyway, you can refer to these articles for more information:
New service PayNow to allow interbank transfers using mobile phone numbers
From PayNow to unified system that pays everything
To get started, you need to register your mobile number with anyone of the participating banks. Note that you can only register with ONE of them.


Since you can only register with one of them, the banks will be competing for customers by offering sign up promotion!

Citi - None?! (Update on 12th July 2017: $10 Grab Credit*)

Note that all the promotions have * - terms and conditions apply. Do take some time and glance through them. Below are just some of my personal opinions and a summary of what the banks have to offer:

Citi
I am amazed at how I could not find a single landing page on PayNow for Citi. Definitely not holding up to their slogan "Citi Never Sleeps", I think the whole marketing department must be sleeping!

Update: First 5,000 eligible customers + make a minimum of $10 transfer. By now should be gone as one of the readers pointed out where a promotional email was sent to existing customers.

DBS
30 winners will be chosen from the eligible customers. KPO not very lucky so will probably give this a miss.

HSBC
First 3,000 eligible customers. Almost no chance but better than nothing.

Maybank
1st Prize: $2,888
2nd Prize: $1,888
3rd Prize: $888
Daily winners of $20 from now till 31st December 2017. KPO not a Maybank customer

OCBC
1st Prize: $50,000
2nd Prize: $30,000
3rd Prize: $10,000
20 winners weekly for 6 weeks: $500. I shall get CZM to register for this. KPO not very lucky so will probably give this a miss.

SCB
First 20,000 eligible customers. KPO registered for this :)

UOB
First 5,000 eligible customers for the 1st $5. Subsequent $5 requires you to spend at least $20 using UOB MyKey.

PayNow went live at 8 am 10th July 2017. So I think you should stand a pretty good chance with SCB if you are a customer. Otherwise, go for the OCBC lucky draw and win BIG!

8 comments:

  1. Citi- You will receive email from Citibank if you do have bank account with them.

    ReplyDelete
    Replies
    1. Hi JH,

      I did a search again and found details on it. Updated the article. Thanks for pointing out!

      Delete
  2. Hi KPO,

    I also signed up the minute I received the sms from SC about their $10 cashback!

    Lucky when I checked the rest of the banks the offers weren't that attractive enough :|

    At least SCB's promo enough to cover one online trade txn lol...

    Cheers =)

    ReplyDelete
    Replies
    1. Hi 未雨绸缪,

      Thanks for dropping by! You are right, offset one trade better than nothing. Hopefully, we are the top 20k customers! Haha.

      Delete
  3. Ocbc paynow is only available for ios and Samsung phones.. Seems like a shooting itself in the foot move to alienate majority of your Android users.. Seems like I have to switch to dbs for this

    ReplyDelete
    Replies
    1. Hi GP Blogger,

      You can still use PayNow through OCBC iBanking platform. I know DBS integrated PayNow into their PayLah app. I guess new technology takes time to get it right, some faster than the others.

      DBS isn't too bad, you might get an iPhone! Good luck!

      Delete
  4. Standard Chartered seems to be getting more active nowadays...got new savings account for elderly > 55yo and just updated their trading platform as well!

    Got chance to win free ipad when you download and login via the app haha You'll see the promotion big big when logging into your trading platform.

    Good luck everyone!

    Cheers =)

    ReplyDelete
    Replies
    1. Hi 未雨绸缪,

      Yes, you are right! The new updated trading platform looks much better now but I did not see the ipad thingy you mention though.

      Delete