PayNow is a way to send Singapore-dollar funds using a mobile number, NRIC/FIN, UEN or other supported payment address instead of manually entering a bank-account number. It uses the FAST transfer infrastructure between participating institutions. When you send money, check the recipient name displayed by your banking app and the amount before confirming. A successful transfer is not the same as a reversible card purchase. For recurring bills, you may be looking for GIRO rather than PayNow.
If you searched for PayNow vs FAST, how GIRO works, how to stop a GIRO payment, eGIRO, what SGQR means, PayNow wrong recipient or pending bank transfer, the crucial distinction is between a one-off payment, the underlying transfer rail, a recurring collection authority and a merchant’s QR label. These words sound interchangeable in everyday speech but have different practical consequences for timing, record-keeping and fraud prevention.
Quick summary: Use PayNow for a supported proxy-based transfer or PayNow QR payment, FAST for eligible near-real-time account transfers, GIRO for authorised recurring deductions and eGIRO for digital setup of a GIRO arrangement. Check the payee identity, amount, any bank limits, transfer status and future deduction dates. If you suspect fraud, contact your bank immediately through an independently verified channel.
PayNow, FAST, GIRO, eGIRO and SGQR: what is the difference?
The easiest way to avoid a payment mistake is to identify whether you are moving money now, granting permission for later deductions, or merely viewing a QR payment label.
| Term | Main purpose | What the user should watch |
|---|---|---|
| PayNow | Send or receive SGD via a registered mobile, NRIC/FIN, UEN or supported proxy | Verify displayed recipient name and amount before confirming |
| FAST | Near-immediate SGD transfer mechanism among participating institutions | Check account details, bank limits and actual transaction status |
| GIRO | Authorised payment collection, often for recurring bills | Check biller mandate, billing amounts, dates and available funds |
| eGIRO | Electronic initiation of certain GIRO payment arrangements | Check that mandate was approved rather than merely initiated |
| SGQR | A common QR label that can display supported payment schemes | Check the payment scheme shown in the QR and the merchant identity |
| PayNow QR | QR-based payment made via a PayNow-capable banking or payment app | Do not assume every QR code is authentic or uses PayNow |
59 essential banking and payment vocabulary terms
Read each term together with the final column. It turns payment vocabulary into a decision you can make safely instead of a list of definitions to memorise.
| Term | Meaning in plain English | What it means for your next action |
|---|---|---|
| PayNow | A Singapore payment service using registered identity or business proxies | Select the correct recipient and check the name shown on screen |
| FAST | Fast And Secure Transfers, the underlying almost-instant SGD payment rail | A FAST transfer generally differs from a scheduled GIRO collection |
| GIRO | An arrangement authorising a biller to collect payment from a bank account | Check who may debit your account and for what obligation |
| eGIRO | Digital process for setting up a GIRO debit authorisation | Wait for approval or activation confirmation from the bank or biller |
| SGQR | Singapore Quick Response label consolidating payment acceptance information | Look for the supported payment brand before scanning |
| PayNow QR | QR code that enables a supported PayNow payment | Confirm the merchant or intended receiver and amount |
| Proxy | A mobile number or other identifier linked to an account for receiving funds | A proxy is not necessarily the account number |
| Mobile-number proxy | Registered mobile number for PayNow receiving | Update your bank record if your number changes |
| NRIC/FIN proxy | Government-issued personal identifier registered for PayNow receiving | Do not treat possession of an identifier as proof of identity |
| UEN | Unique Entity Number for an entity in Singapore | Used for PayNow business receiving and invoice matching |
| VPA | Virtual Payment Address supported by relevant payment participants | Check compatibility before making a cross-institution payment |
| Linked account | Bank or wallet account associated with a registered proxy | Check which receiving account is currently linked |
| Receiving account | Account that receives a payment | Check the right owner, bank or wallet and eligibility |
| Sending account | Account from which a transfer is initiated | Check balance, debit limit and transaction alerts |
| Payee | Person or organisation intended to receive money | Read the confirmation screen before authorising |
| Payer | Person or organisation making payment | Keep your record of amount and purpose |
| Recipient-name display | Identity shown by a banking app for a proposed transfer | Stop if it differs unexpectedly from the intended payee |
| Confirmation screen | Final review before a transaction is submitted | Check amount, recipient, source account and fees |
| Transfer reference | Identifier or optional note attached to a payment | Use it when reconciling invoices or reporting errors |
| Transaction history | Bank log of debits, credits and statuses | Use official records rather than screenshots from strangers |
| Pending | Status indicating a process has not reached its final state | Avoid repeated transfers until the bank verifies what happened |
| Completed | Bank indication that a payment has been processed | Use transaction evidence when checking with your recipient |
| Failed transfer | Attempt that did not complete as expected | Check whether money was deducted before trying again |
| Reversal | Process to return or correct a transfer under applicable rules | Never assume a completed payment can simply be cancelled |
| Recall request | Request to a bank for assistance retrieving an erroneous transfer | Report promptly; recovery may depend on cooperation and rules |
| Wrong recipient | Money sent to someone other than the intended payee | Contact the bank without delay; preserve the transaction details |
| Transaction limit | Maximum amount allowed by bank settings or service conditions | Check daily and per-transaction limits before a large payment |
| Cooling-off period | Waiting period imposed for certain banking security changes | Plan ahead rather than attempting last-minute limit increases |
| Two-factor authentication | Additional authentication beyond one factor | Use official banking prompts and never share codes |
| Digital token | Authentication method in a bank’s official app | Do not approve an action you did not initiate |
| OTP | One-time password used in certain verification processes | Never disclose it to someone who calls or messages you |
| Authorisation | Permission to process a transaction or debit | Know whether you are authorising one payment or ongoing collections |
| Mandate | Instruction allowing a biller to collect payments under GIRO | Review biller and cancellation procedures |
| Recurring payment | Payment expected to happen again under defined instructions | Track billing cycle and ensure sufficient funds |
| Direct debit | Collection of money initiated by an authorised payee | Different from manually pushing money to someone via PayNow |
| Biller | Company or agency collecting a bill payment | Verify the entity before setting up recurring deductions |
| Billing cycle | Period covered by a utility, insurance or other invoice | Align payment timing to the actual bill |
| Payment due date | Deadline by which a bill should be settled | Do not confuse it with the date a GIRO mandate is approved |
| Collection date | Date a recurring payment is attempted | Check your biller’s calendar rather than guessing |
| GIRO rejection | A deduction attempt not accepted or completed | Contact the biller and bank to clarify repayment |
| Insufficient funds | Not enough available balance to complete a debit | Keep adequate money in the correct bank account |
| Bank statement | Official record of account transactions over a period | Match each debit to an invoice, biller and reference |
| Reconciliation | Matching transaction records with invoices and receipts | Prevents duplicate payment and missed-bill confusion |
| SGD | Singapore dollars | Cross-border transfers may use other services or exchange rates |
| Domestic transfer | Payment within the local financial system | Different rules and charges may apply overseas |
| Cross-border transfer | Money moving between countries | Check supported corridors, rate, fees and recipient details |
| Service fee | Charge made by an institution or product | Retail PayNow is generally free; other services may charge |
| Payment receipt | Evidence a payment was recorded | Compare with the payee’s own confirmation |
| QR phishing | Malicious QR code redirecting to a fake payment or login experience | Inspect the app and payee; do not enter credentials into suspicious pages |
| Bank kill switch | Bank mechanism for urgent account or channel protection | Use only verified bank instructions when fraud is suspected |
| Fraud hotline | Official phone number for reporting compromised finances | Find it on the bank’s official website or app |
| Authorised payee | Receiver you have verified and intended to pay | A familiar-looking name or logo alone is not proof |
| Merchant | Business accepting payment | Compare UEN and trading name if provided |
| Payee verification | Steps to confirm the real intended recipient | Call a known phone number when invoice bank details change |
| Payment dispute | Request to examine a payment problem | Keep invoices, notices and bank references for review |
| e-wallet | Digital stored-value or linked account operated by a payment provider | Check whether it participates in PayNow and the relevant limits |
| Business invoice | Request for payment from a seller | Verify goods or services independently before transferring |
| Bank account number | Numeric identifier of an account | FAST can use account details even without a PayNow proxy |
| Account holder | Person or business legally associated with a bank account | Confirm who you are paying, not merely what appears on a screenshot |
How to send a PayNow payment safely
Open your actual banking app rather than a link from an unsolicited message. Choose PayNow, enter a supported registered proxy or scan a PayNow-enabled QR code, check the name presented by the app, enter the amount and review the final screen. A payment reference can make it easier for a small business, school or family member to identify the transfer.
Do not treat a matching first name as sufficient for a large payment. A recipient can change banks, deregister a mobile proxy or use a business name different from the one in your chat. Verify unusual or changed payment instructions through a trusted independent channel. The safest moment to catch an error is before you authorise the transfer.
- Check recipient name against a trusted invoice or known contact.
- Read the exact amount and currency twice.
- Check whether the screen represents a new one-off payment or a recurring authorisation.
- Confirm only within the genuine bank app; save the bank reference for reconciliation.
PayNow versus FAST: why both names may appear
PayNow is the convenient addressing layer; FAST provides the fast SGD interbank-transfer infrastructure. Someone may say ‘send it by FAST’ when they know the bank account number, or ‘send it by PayNow’ when they know only a registered mobile number. The transfer methods can share underlying infrastructure without asking the payer for the same details.
The Association of Banks in Singapore describes FAST as enabling almost immediate transfers among participants. ‘Almost immediate’ is a service description, not a promise that every bank, account, outage or compliance check will behave identically. If the bank shows pending or failed, do not assume the status from the recipient’s chat reply.
Example: A parent pays a school vendor from a registered UEN with PayNow and later sees a FAST entry in the bank record. The two labels may describe different layers of the same payment, not two separate deductions.
GIRO, eGIRO and the difference between permission and payment
GIRO is most useful when a recognised biller collects recurring amounts, such as a utility, insurance or other eligible invoice. The biller initiates a collection under an authorised mandate. That mandate is a permission arrangement, not evidence that every future payment has succeeded.
eGIRO refers to an electronic way of setting up participating GIRO authorisations. A completed online form can still be awaiting bank or biller acceptance. Continue paying an invoice by the currently valid method until you have confirmation that the new arrangement is active. Check for double payments before manually paying a bill that is already on GIRO.
- Confirm the biller, account and recurring-payment scope.
- Check whether the mandate is submitted, approved and active.
- Match deduction timing to the actual bill, not merely the application date.
- If stopping a mandate, follow the bank and biller’s procedures and confirm the last obligation is paid.
SGQR, PayNow QR and the danger of assuming every code is alike
SGQR provides a common Singapore QR label for participating electronic-payment schemes. The presence of an SGQR mark does not mean every banking app accepts every payment brand on it. Look for the PayNow logo or the supported scheme that your app identifies, then confirm the payee and amount.
Be especially careful with QR stickers placed over legitimate payment placards or QR images received in chats. A QR code tells software where to go or what payment data to use; it is not itself proof that the merchant owns the destination. For suspicious requests, stop and ask staff or a verified business contact.
What if I paid the wrong person?
Act immediately. Capture the bank’s transaction reference, amount, date and the receiving name shown. Contact your bank using its verified help channel. Describe the mistake accurately; do not announce an unverified accusation to the recipient or publish the recipient’s personal information.
A bank may attempt an investigation or recall, but recovery is not assured and may require the recipient’s cooperation or legal processes. If the incident involves deception, a fake seller or an impersonated bank, treat it as possible fraud and also follow the police reporting route. Do not send a second payment merely because someone promises to release the first.
How to read a digital payment receipt
A payment receipt should be checked for the source account, destination or proxy, recipient identity, amount, date, status and reference. An app screenshot from a buyer is not as reliable as your own bank statement. A receipt labelled ‘scheduled’ or ‘initiated’ may not mean funds were credited.
For businesses, the correct routine is reconciliation: compare actual money received with the invoice number and sale. For personal payments, give a short reference such as ‘November shared bill’ that does not reveal sensitive personal information. Do not upload full bank statements or identity numbers into public chats.
Large payments and changed instructions deserve a second verification
Fraud often depends on urgency or changed account details. A last-minute invoice claiming that a supplier has moved banks should be verified by calling a number you already trust, not a number printed inside the suspicious email. The same caution applies when paying rent, school fees, a renovation deposit or an online seller.
Banks may impose transaction or daily limits, and changing those limits can involve security controls. Make payment plans using the bank’s official app rather than finding shortcuts to security measures. A time-sensitive legitimate request is not a reason to disclose your OTP or digital-token approval code.
A five-minute monthly payment review
Review recurring debits once a month. Match each GIRO deduction to a bill, identify the next due date and flag unfamiliar transactions promptly. Check that old subscription or service mandates were cancelled when you switched providers. Confirm whether outstanding bills remain even after you have cancelled a collection instruction.
Keeping a short list of billers and recurring dates reduces the chance that payment vocabulary becomes confusing during a stressful event. Knowing ‘mandate’, ‘deduction’, ‘pending’, ‘bill’ and ‘reference’ lets you ask a bank or service provider a precise question and receive a more useful answer.
Questions people search for: practical FAQ
Is PayNow the same as FAST?
No. PayNow commonly identifies the receiver by a registered proxy; FAST is the underlying near-immediate SGD funds-transfer infrastructure. They are related but not identical payment instructions.
Can I cancel a PayNow transfer after sending it?
Do not assume you can. Contact the bank promptly about a mistaken or fraudulent transfer, record the reference, and ask about its process and any available recovery action.
Is PayNow free?
The Association of Banks in Singapore states that PayNow is free to retail customers. Confirm any fee for a separate account, commercial service or overseas transfer with your own provider.
Does an SGQR code automatically mean PayNow?
No. SGQR can display several electronic-payment schemes. Check the payment brand supported by your app and the identity presented before paying.
Does GIRO automatically take the same amount each month?
Not necessarily. Many GIRO arrangements collect the billed amount under their terms, which can change from month to month. Check your invoice and agreement.
What is the difference between setting up GIRO and paying a bill?
A GIRO application or mandate creates an authorisation arrangement. The bill is paid only when an actual collection succeeds. Keep monitoring due dates during setup.
What does ‘pending’ mean on a bank transfer?
The bank has not displayed a final completed status. Check actual transaction history and ask the bank before attempting a duplicate transfer.
What should I do after a suspicious PayNow request?
Do not transfer. Confirm the request through an independent channel; if money was sent or bank access compromised, call the bank’s verified anti-scam number immediately.
Related Singapore Vocabulary guides
- Singapore Vocabulary: Singpass and Myinfo
- Singapore Vocabulary: SP Utilities bills and U-Save
- Singapore Vocabulary: IRAS income tax and NOA
- Vocabulary Articles and Knowledge Hub
Official sources and next steps
- Association of Banks in Singapore: PayNow — official explanation, proxies, QR acceptance and verification
- Association of Banks in Singapore: FAST — near-real-time Singapore-dollar transfer infrastructure
- Association of Banks: E-payment comparison — comparative overview of PayNow, FAST and GIRO
- ScamShield: banks’ anti-scam hotlines — verified contacts if funds may be at risk
Editorial verification: 3 November 2026. This is a plain-English vocabulary and action guide. The relevant bank, government agency or healthcare provider determines actual eligibility, processes and deadlines; check the linked live services before acting.