Difference Between PayNow and PayLah: Your Comprehensive Guide

If you have been living in Singapore within the last ten years, you definitely know that digital payments in Singapore have come a long way in the last decade.

But wow, two names have become synonymous with instant and smooth money transfers – PayNow and PayLah!

The difference between PayNow and PayLah can be a bit confusing, especially for those new to both platforms. While these two mobile wallets may seem similar on the surface, there are some differences between them that everyone should be aware of.

PayNow is an interbank funds transfer service that allows you to send and receive money instantly using just a mobile number, NRIC/FIN, or QR code.

It offers a fuss-free way to move money between bank accounts, and it’s supported by a wide range of financial institutions in Singapore like DBS/POSB, UOB, and OCBC, among many others.

PayLah! is a mobile wallet app developed by DBS Bank. Aside from just facilitating funds transfers, PayLah! offers a whole suite of features such as paying bills and making purchases to accessing exclusive deals and rewards.

Think of it as a one-stop-shop for many financial needs. It’s particularly useful for those who want a more comprehensive mobile payment solution.

PayNow is all about simplicity while PayLah! is geared towards providing a more holistic lifestyle-oriented experience.

Users of PayNow can send money to anyone with a Singapore bank account regardless of which bank they use.

PayLah! is limited to DBS/POSB customers. Although you can still use it to send money to non-PayLah! users, the process involves linking your PayLah! account to their mobile number or UEN. This means that if you want to enjoy the full suite of PayLah! features, you’ll need to be a DBS/POSB account holder.

It is worth noting that PayNow is focused on peer-to-peer transfers which makes it a great choice for splitting bills or sending money to friends and family.

PayLah! caters to a wider range of payment scenarios including paying for goods and services at participating merchants. It can also be used to pay bills and even book rides or events.

While both platforms allow you to make QR code-based payments, PayLah! has a distinct advantage when it comes to hawker centres and small food vendors. These merchants often use PayLah!-specific QR codes so it is a more convenient option for those who frequent these establishments.

When it comes to rewards and loyalty programmes, PayLah! takes the lead. As a DBS-backed platform, PayLah! offers exclusive deals, discounts, and cashback opportunities that can help you stretch your dollar further.

PayNow, on the other hand, doesn’t have a dedicated rewards programme although you can still earn rewards by using compatible credit cards.

Both platforms employ robust security measures, such as the use of passwords or PINs to authorise transactions as well as encryption to protect your personal and financial information.

While both platforms allow you to use a nickname or username to protect your identity, PayLah! offers an additional layer of privacy by limiting the information that’s shared with merchants during transactions.

Can I use PayLah! without a DBS/POSB deposit account?

Yes, if you’re a Singaporean or PR. You can sign up via MyInfo but topping up your wallet may be more complicated.

Is it possible to have both PayLah! and PayNow?

Yes, you can have both. DBS/POSB users often prefer PayLah! for its convenience.

Can I send money to someone who only has PayNow registered?

Yes, PayLah! supports PayNow transfers, and the money will go to the recipient’s PayNow-linked bank account.

Is it possible to PayLah! someone without PayLah! or PayNow?

Unfortunately, this is not possible since the recipient must have either PayLah! or PayNow registered.

What happens if I PayNow someone using PayLah!?

The money will be sent to the recipient’s PayNow-linked bank account, not their PayLah! wallet.

Can I link PayLah! to Google Pay?

Yes, you can link PayLah! to Google Pay. This way, you can send money through Google Pay using your PayLah! wallet.

What should I do if I accidentally send money to the wrong recipient?

Contact the recipient immediately to request a refund but if unsuccessful, contact your bank as soon as possible for assistance in recovering the funds.

1. Log in to your bank’s internet banking platform or mobile banking app
2. Look for the PayNow option under ‘payment and transfer’ or ‘more services’ tab
3. Link your mobile number and/or NRIC/FIN to your preferred bank account
4. Follow the instructions and choose your PayNow name

1. Download the PayLah! app

For existing DBS/POSB users:

• Link your DBS/POSB digibank account

For non-DBS/POSB users:

• Sign up via MyInfo
• Follow the instructions and create a password for your PayLah! mobile wallet

While the two may seem the same to non-users, the difference between PayNow and PayLah is quite substantial with each platform catering to slightly different needs and preferences.

So, which one should you choose? The answer ultimately depends on your usage habits.

If you’re simply looking for a straightforward way to transfer funds between bank accounts, then PayNow might be the better option. Its wide acceptance and simple interface make it a great choice for those who prioritise convenience and speed over additional features.

But if you’re in the market for a more holistic mobile payment solution that offers additional benefits then PayLah! might be the better fit. Just keep in mind that you’ll need to be a DBS/POSB customer to fully take advantage of its features.

If you want to experience everything PayNow and PayLah has to offer but you’re currently short on cash, don’t worry because with LenderSG, it’s so easy to apply for a personal loan from top legal lenders. LenderSG will match you with the best loan provider in just a few clicks.