TransferWise is the first international money transfer company to accept PayNow
The leading global fintech TransferWise
With today’s launch, TransferWise customers in Singapore have four convenient options for making payments: credit card, debit card, bank transfer and PayNow. That makes TransferWise the remittance service in Singapore offering the most number of payment methods. Take-up rate in the initial roll-out phases has been very high – with about ⅓ of users currently choosing to fund transfers using PayNow.
Founded in 2011 and headquartered in London, TransferWise has a mission of making international money transfers instant, convenient, transparent and eventually free. Globally, it handles £3 billion (S$5.34 billion) in cross-border
transfers every month for its 4 million customers. In the UK, TransferWise is the second biggest player, with a market share of 15%. TransferWise sends money from 43 countries, to 71 countries.
In Singapore, TransferWise has grown from strength to strength since the launch of its service here in 2016. It now moves over S$1.7 billion in and out of Singapore every year – which is a doubling of its volume from a year ago.
PayNow has been available to some TransferWise users since late last year, as the feature was tested and rolled out in phases. With its formal launch today, customers can opt for PayNow whether accessing TransferWise via desktop browsers or mobile apps. Users who choose to pay using PayNow can use either input the TransferWise Unique Entity Number (UEN) – which is 201422384R - to their PayNow app or scan a QR code provided.
Mr Timothee Ledure,
“PayNow has become a widely-used method of instant payment by consumers in Singapore. When our customers told us they like PayNow for its speed and convenience, we added the implementation of PayNow to our engineering plans and worked to launch the feature as quickly as possible. Customer feedback has always been our compass for improving the TransferWise product.”
TransferWise was also among the first international money transfer companies to adopt MyInfo as a form of instant verification for new
PayNow Corporate was launched in August last year, giving businesses and corporate bodies access to PayNow, the popular peer-to-peer instant payment service which allows transfers using just mobile phone numbers – doing away with the need to exchange bank account details.