From shopping to paying bills, many consumers in Singapore prefer to use electronic payments (e-payments) instead of cash.
In line with this shift to digital payments, more than 50 per cent[@article-xero-digitalpayments] of small businesses no longer accept cash, citing the benefits of increased sales and quicker payments.
Electronic payment, or e-payment, is a digital method of transferring money using e-payment systems.
E-payments like General Interbank Recurring Order (GIRO) and Electronic Fund Transfer at Point of Sale (EFTPOS) were introduced in Singapore in the 1980s. Soon after, the Network for Electronic Transfers Singapore (NETS) and EZ-Link cards became available for parking and public transport.
Launched in 2014, FAST (Fast And Secure Transfers) enabled account-based, real-time 24x7 transfers. PayNow made it even more seamless by enabling transfers via a mobile number, Singapore National Registration Identity Card (NRIC), Unique Entity Number (UEN), and QR code (Scan and Pay). This further fueled digital payment adoption.
HSBC offers comprehensive e-payment services across many digital channels with competitive features. E-payments are fast, safe and convenient, covering your local and global payment needs.
There's a range of options for domestic payments. For example, PayNow allows you to send and receive money round the clock instantly with just a mobile number, NRIC, or Virtual Payment Address. It's simple and secure!
With the prominence of e-gifting, you can also send money to your loved ones via PayNow for the festive season or any special occasions.
Additionally, you can manage your payment limits via the HSBC Singapore app to enhance protection against unauthorised large transactions in the event of fraud.
You can now enjoy the convenience of paying your bills, taxes, other bank's credit card or insurance premiums anytime, anywhere via the HSBC Singapore mobile app.
For recurring bills, such as income tax or utilities, you can simply set it up via your billing organisation website using eGIRO.
Some digital payment services allow you to schedule your payments in advance. You can do this by setting your payments with a future date, so you won't miss any payments.
You can also set up transaction alerts based on your preferred threshold amount, so you receive an alert in real time.
With the rise of global mobility, cross-border payments have become an essential financial service.
Whether you're paying overseas university tuition fees for your children or sending money to your loved ones back home, with our newly enhanced HSBC Global Money Transfers on the HSBC Singapore app, you can now send money like a local to over 100 destinations and 60+ currencies.
Plus, you can enjoy $0 HSBC fee[@fx-global-transfer-fees-3] and same-day transfers, such as:
Same day transfers are only for supported destinations and currencies.
Pay and transfer securely anytime, anywhere.
