Paylah vs PayNow vs PayAnyone vs MyKey

Paylah vs PayNow vs PayAnyone vs MyKey , all these phrases sounds like Singlish if you agree with me.

Singapore Government effort to convert its existing payment method from cash to cashless society , have prompted new technology which enable the user to transfer fund through mobile phone number or NRIC number.

Now User , just need to link their Mobile Number and NRIC to their Bank account to transfer and receive money.

With this new Technology of payment, will enable Small business such as SME , Hawkers, Retailer to have an alternative option.

In terms of payment receiving.

There are 4 major New Payment Platform now available :

• Paylah
• PayNow
• PayAnyone
• MyKey

In this Article , i will compare these Platform Paylah vs PayNow vs PayAnyone vs MyKey.

Paylah vs PayNow vs PayAnyone vs MyKey

No	Type Of Transfer	Bank Participating	Transfer Method Mode	Platform	Who Can You Transfer Money To	Daily Transfer Limit	Transaction Charges
1	Paylah	DBS	Receiver Mobile Number QR CODE	PayLah Mobile APP	Only User registered with Paylah Wallet	Paylah Wallet limit S$999	Free
2	PayNow	CITIBANK DBS/ POSB UOB OCBC HSBC MAYBANK STANDARD CHARTED	Login into Internet Online Banking	Receiver MOBILE Number	7 PayNow Participating Bank	Follow the Same Limit subjected to FAST criteria	Free
3	PayAnyone	OCBC	QR CODE SIRI CUSTOM Keyboard with access to Messaging APP. IMessage	PayAnyone APP	19 FAST Participating Bank in singapore	S$1000	Free
3	MyKey	UOB	Custom Keyboard , transfer money through messaging APP	UOB Mighthy APP	19 FAST Participating Bank in singapore	NA	Free

During 2014 , 19 Banks collaborated to launch FAST transfer service. Pay Now is a new  extension version almost Similar to the FAST transfer Service.Currently it has 7 Participating Banks , and many banks will joint the wagon in near future.

With the implementation , of this kind of technologies.

There will be a revolution in the retail payment market. Card and stripes might become obsolete.

Conventional payment merchants, will have hard time, to convince retailer.

If retailer found out there is a cheaper solution. Without investing too much into Cards and Stripe  Machine. They might fully tap into this new alternative.

Benefits Towards  Public.

• More Convenient, as all transaction can be done via Mobile.
• Easier to Track the Expenses compare to Cash Payment.
• Free of Charge no Transferring fee
• Benefit to Retailer and Merchant as there are little or low investment.
• Increases and boost business activities due to ease of usage.
• Decrease transaction time , and increases business volume.

Though the Technology may be looks disruptive , but it make people life easier.
Compare Singapore Bank Saving Account

Check out here for more Information about PayNow