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SINGAPORE – Businesses and individuals can now receive money from abroad by simply providing the sender with a mobile phone number.
British fintech firm TransferWise has incorporated PayNow into its international remittance service so recipients no longer need to disclose bank account details.
The company enabled Singapore users to send money abroad via PayNow last March.
Its latest initiative announced on Monday (Jan 6) is expected to benefit freelancers receiving overseas payments or businesses that want to simplify the payment process for customers abroad.
Only the party transferring the money needs to have a TransferWise account. The recipient simply needs to be a PayNow user. Payment is made via the TransferWise mobile app using the PayNow option.
“This (new) feature was highly requested by our customers because PayNow is used widely here,” said TransferWise engineer Li Wanlong, who implemented the PayNow feature.
“If you have a friend visiting from overseas and you head out for a meal or drinks, it is now much easier to split the bill using (our) PayNow option.”
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