PayNow is a peer-to-peer funds transfer service available to customers of the major, participating banks:
It is a new service layer upon the existing FAST (Fast And Secure Transfers) service allowing consumers to send and receive money via the recipient’s handphone number or NRIC/FIN. You no longer have to get the other party’s bank and account number so while this could potentially make it even easier for the scammers to conduct their schemes (particularly for the less savvy consumers), I believe it is still a win for everyone involved.
I’ve personally tried the service and made a few transfers and everything went relatively smoothly after both parties have registered. So I would definitely highly recommend everyone to register their handphone number at least and give this new service a try.