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In keeping with Training Minister and board member of the Financial Authority of Singapore (MAS) Mr Ong Ye Kung, the variety of transactions made with PayNow has “jumped greater than 33 instances” since its launch 2 years in the past.
There have been over 5 million transactions made in July this 12 months, and the worth of transactions grew from about S$24 million within the first month of operations to “above S$1 billion” final month.
In a earlier replace made final month, the Affiliation of Banks in Singapore (ABS) shared that round 28 million transactions have been made between January and June in 2019.
A median of $164 was transferred.
Mr Ong additionally revealed that there have been 2.eight million particular person registrations for PayNow since July 2017, and “greater than 65%” of Singaporeans between 20 and 75 years previous have registered for PayNow.
He added that these numbers are “nonetheless rising”.
He additionally gave an replace of PayNow Company, which lets firms pay and obtain cash immediately from prospects and different corporations.
Over 115,000 distinctive entity numbers have been registered for the service, which is “roughly half of the full variety of distinctive entity numbers issued to lively companies”.