Paynow

[inlinesix]

no good. i dont like such system if im the receiver.

i still need to key in my own account no.  skali key in wrong acct no....faint liao

 

Yesterday someone transfer payment to my email address. The bank will send me a email to key in password.

 

Bank account number will go wrong.

 

IC number will not go wrong.

[inlinesix]

In China, Fintech is more advanced than Singapore.

 

How can we tell PRC that we are more advance than them?

 

 

[Mits_jc]

1. when the person register for this PayNow service, he/she is prompted to enter their name (can be anything you want, nothing stopping you from entering Donald J. Trump, this can be amended anytime as well)

 

2a. when the sender transfers money to the receiver; after the mobile number is entered, the receiver's name will show up (handshake)

 

2b. after funds transfer the receiver can also see the name of the sender from his/her transaction history (so you can have Donald J. Trump sending you $20 if the sender entered Donald J. Trump as his name)

 

3. if the receiver has yet to sign up for PayNow, there will be a message telling the sender that.

 

this is what I've found so far from my trial this week.

 

Honestly I don't trust these systems too. When I transfer money I always very careful one, must double and triple check all OK then can send.

 

I very scared to transfer to wrong people. Now no account number lagi worse.

 

Edited July 12, 2017 by Mits_jc

[Dxyong]

These are called disruptive technology, it will change the way we do thing whether you like it or not. Like credit card 20+ years ago, people were sceptical when someone can just get something with a piece of plastic with a scribble on the check....but today...almost everyone live by it....CC scam or theft happening occasionally but both the owner and the issuing bank has to "manage the risk"....it is a repeated cycles when flaws are uncovered and a counter measured is applied...in Hkg....a bank already have this for a while....you can actually give someone ang pao by sending a SMS message...no more physical red packet....I bet one day we can even eat pizza without having the real pizza :)

[Prataboy]

PBOC allows fintech to flourish.

 

MAS encourage fintech to flourish

 

You see the diff?

 

I see the difference in the Chinese PRCs are hungry and strive to achieve success, hence when the Government gives the green light, they chiong.

 

In SG, we are lembeh one. Give green light, still have to wait for the Government to show the way and "facilitate". Thus the additional step of needing to "encourage", beyond just "allow". 

[Prataboy]

I'm always sceptical about all these new techs. I believe that if its convenient for users to pay or transfer money, its convenient for hackers to do the same to siphon money out. Moreover, I was told that handphones are more susceptible to hacking than in computers because there is no anti-virus and malware protection like PC does. At the moment, I guess I'll stay as a mountain tortoise and internet banking shall suffice.

 

I believe the banks have stressed tested the system. Like one guy mentioned, you will be shown the intended recipient's name when you key in the number just before you click sent.

 

To be prudent, you can set a limit to how much can be transferred at a time, just all conventional funds transfers, including FAST.

 

In my opinion, the key factor to determine if Paynow will take off, compared to the various mobile payment mechanisms from the banks, is the take up rate. If majority of our friends have it, then it will be a viable means. This is akin to the mobile messaging services. Watsapp is dominant here, unlike Wechat.

[Ysc3]

i just signed up last night.

 

however, after reading this thread, i think it would be "safe" if the recipient will have to accept the incoming transfer before the money is legally consider his.

[Kusje]

I see the difference in the Chinese PRCs are hungry and strive to achieve success, hence when the Government gives the green light, they chiong.

 

In SG, we are lembeh one. Give green light, still have to wait for the Government to show the way and "facilitate". Thus the additional step of needing to "encourage", beyond just "allow".

Ang Mo better.

 

Their Uber and Airbnb don't even give an f whether their service is legal in the country or not. Just do first then start to negotiate with the govt.

[Kusje]

i just signed up last night.

 

however, after reading this thread, i think it would be "safe" if the recipient will have to accept the incoming transfer before the money is legally consider his.

How will that help?

 

Someone transfer money to me then I will surely accept. Doesn't matter if it is 1 dollar or 1 million dollars. Take first then ask questions later.

[Jman888]

Ang Mo better.

 

Their Uber and Airbnb don't even give an f whether their service is legal in the country or not. Just do first then start to negotiate with the govt.

 

 

because all the while they never depends on govt for legal, safety, financial, etc. If kena rape in the airbnb or kill in the uber ride, they won't start to find someone to blame.

[Jman888]

I see the difference in the Chinese PRCs are hungry and strive to achieve success, hence when the Government gives the green light, they chiong.

 

In SG, we are lembeh one. Give green light, still have to wait for the Government to show the way and "facilitate". Thus the additional step of needing to "encourage", beyond just "allow". 

 

 

 

user and volume, technology can be there but user is reluctant to use plus small population mean low volume to kick off, slowly die off.

[Kusje]

because all the while they never depends on govt for legal, safety, financial, etc. If kena rape in the airbnb or kill in the uber ride, they won't start to find someone to blame.

 

Uh. While what you say might be true, it doesn't make sense leh.

 

Because AirBnb has been operating in SG for so long despite being illegal (their "customers" are the ones doing the illegal stuff).

[LoverofCar]

Give IC....all the background can be checked by others..

[Ysc3]

How will that help?

 

Someone transfer money to me then I will surely accept. Doesn't matter if it is 1 dollar or 1 million dollars. Take first then ask questions later.

 

money laundering ... so many case whereby ppl accept money knowingly or unknowingly of the origin ... end up in deep crap....  but for sure you won't be the one asking the questions.

 

so before accepting any transfers, we must confirm we know the origin before accepting the transfer.

 

once you accept, just like drugs found on you, you cannot deny its yours already.

Edited July 13, 2017 by Ysc3

[hsl118]

Grey line between accepting a transfer, and utilising the proceeds of the transfer.

 

Without over engineering the possible scenarios and pitfalls, has anyone benefitted from this new option after one week?

 

Colleagues still prefer to paylah after meals to split, or some pbk / cbk will take the usual act blur route.

[UncleAtas]

Very convenient especially making online purchase at carousell. I'd rather paylah/paynow then having to add recipient into ibanking and etc. Even one-time transfer need to use iB device. Leceh!

 

 

[Kusje]

Paynow don't need to add?

[Throttle2]

Cold Hard Cash