Secure payment

Secure payment

Using Debit/Credit Cards

When you make a payment using your credit card, rest assured that your transaction is securely processed through Stripe, a leading and trusted payment processor. We do not store your credit card numbers on our servers. Stripe handles the entire payment process, ensuring your sensitive information is protected.

All credit card transactions are safeguarded by SSL/TLS encryption from end to end. This means your data is encrypted as it travels between your device and our servers, and even between our servers and Stripe. We do not rely on default encryption settings; instead, we utilize elevated security standards to provide you with the highest level of protection.

Using PayNow

PayNow incorporates several security measures to protect the safety of its transactions for people and businesses. These measures, outlined below, protect against unauthorized access and fraud.

  • Bank security protocols: PayNow uses the security frameworks of participating banks by processing all transactions via online banking portals. These security protocols are comprehensive, involving encryption and secure channels to protect data during transmission. PayNow relies on these protocols during the account registration process and while facilitating transactions. When a person first links their mobile number or NRIC number/FIN to their bank account to use PayNow, the bank platform secures the process.
  • Two-factor authentication (2FA): 2FA is a standard practice in banking operations. When you perform a transaction using PayNow, you’re often required to authenticate the transaction using 2FA. This could involve a one-time password (OTP) sent to your mobile phone or generated through a hardware token, or biometric authentication such as a fingerprint or facial recognition.
  • Payment verification: Before the transaction completes, PayNow shows the name registered with the recipient’s listed mobile number or NRIC number/FIN. This feature allows the sender to verify they are sending money to the right person.
  • Transaction monitoring: Banks continuously monitor PayNow transactions for unusual or suspicious activity.
  • Regulatory compliance: The banks that participate in PayNow adhere to stringent regulatory requirements set by financial authorities such as the MAS. These requirements include regular security assessments and updates to ensure the system remains safe against emerging threats.
  • Transaction limits: Banks each assign specific limits to PayNow transaction amounts. These limits protect against large fraudulent transactions. At OCBC Bank, for example, daily PayNow transaction limits are set at $1,000 SGD. At UOB Bank, users can make PayNow transfers up to a cumulative daily limit of $20,000 SGD. At DBS Bank, the cumulative daily transaction limit for PayNow is $1,000 SGD—larger transactions must be signed with a digibank token for additional authentication.