UOB unveils fund transfer via messaging app

It is the first bank in Singapore to do so.

Singapore banking giant UOB launched UOB MyKey and PayNow, allowing customers to send money using any messaging app.

UOB MyKey allows customers to send up to $1,000 to any mobile number using any messaging app like WhatsApp, iMessage, Carousell and more. There is no need to launch the mobile banking app when sending money using this service.

For this to work, customers have to register their UOB account with PayNow and download the UOB Mighty and set up UOB MyKey.

To send money using PayNow, customers need to log in to the mobile banking app, enter the recipient's mobile number or NRIC/FIN and the amount to be transferred. In order to receive money using PayNow, customers have to link their mobile numbers to their bank accounts.

PayNow is currently offered by seven banks — Citibank Singapore Limited, DBS Bank/POSB, HSBC Bank (Singapore) Limited, Maybank, OCBC Bank, Standard Chartered Bank and United Overseas Bank.