PSA for all.
PayNow has been released as of today. ST piece is over here.
DBS landing page for it is over here. Took me 3 minutes to register my phone number. The other banks have their own pages too, but I like to use DBS to receive money because most of my friends have a DBS account and are familiar with it.
What is it? A system to link a bank account to a phone number or NRIC
Why have it? To simplify the process of sending money around
Why use it? You can designate internally which bank account to receive money while the sender still sends to the same details
Downsides: Traditionally kept private information of phone numbers and NRIC will circulate more widely.
Upsides: Maybe more spam, more phishing attacks. Possibly people will send you free money.
What you need to know: You don’t HAVE to use this service if you don’t want to, like if you feel that it is going to be a problem for your personal privacy. You can just not opt-in and instead just give people your long string of numbers for them to send you money. I mean, people still write and send letters these days, right?
Personally, I have registered for this service and I have linked it to my mobile phone number.