10 Finest E-Wallets & Cellular Cost Apps 2021: PayLah, GrabPay, Google Pay & Extra

It’s 2021, and money is formally passé. With so many cellular cost choices, it looks like all you need to do after a restaurant meal is to flash your cellphone within the air and that’s it!

OK, OK… that’s simply the Good Nation fantasy. The fact is that now we have to spend quarter-hour staring on the decal-festooned money register and fumbling by way of our app-clogged telephones, making an attempt to determine which e-wallet app to make use of.

Then we carry out the awkward SGQR shuffle whereas the following counter has already processed a number of different individuals who paid in money.

So let’s check out the bazillion cellular cost apps out there and determine, as soon as and for all, which of them are value conserving and which to delete.

Abstract: Singapore’s cellular cost apps in 2021

There are typically 3 varieties of cellular cost apps in Singapore:

• PayNow apps: Apps that permit you to scan a QR code and carry out financial institution transfers through PayNow
• E-wallets: These require you to prime up and keep a digital account. Similar idea as EZLink playing cards
• NETS/bank card funds: Hyperlink your current card to make contactless cost (i.e. PayWave)

PayNow

PayNow shouldn’t be an app, however a cost technique that powers a few of these apps. Its greatest power is that it’s very broadly utilized in Singapore, with everybody and their mom accepting cost through PayNow.

PayNow allows you to carry out financial institution transfers simply by coming into the recipient’s cellphone quantity, NRIC/FIN (people) or UEN (companies). No want to recollect their checking account particulars.

However that’s not all: You too can PayNow retailers (e.g. hawkers and taxi drivers) displaying QR codes. You’ll want to make use of one in every of these apps to scan the QR code:

• DBS/POSB accounts: DBS digibank
• OCBC accounts: OCBC SG, OCBC Pay Anybody, Google Pay
• UOB accounts: UOB Mighty

In the event you’re a enterprise proprietor or self-employed, you possibly can obtain funds out of your purchasers through PayNow. You too can technically obtain wage funds and insurance coverage claims through PayNow, though many companies and insurers haven’t adopted it but.

In the event you haven’t registered for PayNow but, you are able to do so in minutes through web banking. Log in to your most popular checking account and comply with the directions given: DBS/POSB, OCBC, UOB. You possibly can hyperlink your cellphone quantity, NRIC/FIN, or each.

DBS PayLah!

DBS PayLah is a cellular pockets app by DBS. You don’t must have a DBS/POSB checking account to make use of PayLah. However in the event you do, you possibly can ship and obtain cash immediately out of your checking account utilizing the app’s autodebit operate.

Non-DBS/POSB account holders may join PayLah. However frankly, it’s fairly troublesome. If you make cost to somebody, you need to make certain your PayLah pockets is topped up (through web banking).

DBS PayLah works with PayNow, that means you can also make PayLah transfers to nearly all financial institution accounts in Singapore. Your recipient doesn’t have to have PayLah.

Apart from the above, PayLah allows you to paying by scanning an SGQR code (precisely the identical method as described within the PayNow part above), and at chosen on-line retailers like Qoo10, Chope, Golden Village and Sistic. Examine the app for tie-up offers and promotions.

We want there have been extra on-line retailers as a result of it’s an ideal answer for anybody who doesn’t like keying of their bank card on-line.

UOB Mighty

All 3 native banks have their very own cellular cost apps, and UOB’s known as UOB Mighty. It’s just for UOB account holders.

Not like DBS PayLah, UOB Mighty is an all-in-one app that features common web banking actions in addition to funds to retailers and sending/receiving funds through PayNow.

Transactions are immediately linked to your financial savings or present accounts, so that you don’t want to fret about transferring money to an e-wallet.

What’s fascinating is that UOB Mighty presents Mighty Coupons each Friday with some fairly good offers like $1 Gong Cha bubble tea, $1 Yole yogurt, and $8 off $60 on Lazada. You must pay utilizing your UOB Mighty app to redeem the offers.

OCBC Pay Anybody

In the event you’re an OCBC buyer, there are a number of methods to leap on the PayNow bandwagon: the common OCBC cellular banking app, OCBC Pay Anybody, and Google Pay.

We’ll cowl Google Pay within the subsequent part however let’s discuss Pay Anybody first. Like UOB Mighty, it’s an app to for making PayNow and NETS QR code funds. Transactions are immediately deducted from and credited to customers’ OCBC financial institution accounts without having to take care of an e-wallet.

However most likely one of the best characteristic is that you should utilize the app to withdraw money with out an ATM card at any OCBC ATM.

Google Pay

Google Pay has lately been revamped to grow to be an all-in-one on-line cost/peer-to-peer cost/social interplay/offers app. That sounds a bit bizarre, nevertheless it’s apparent they’re making an attempt to be WeChat Pay. 

Earlier than you join an account, ask your pals for a referral code first. Each of you’ll get free cash. Then, hyperlink any of the beneath to allow funds on purchases and/or peer-to-peer transfers.

• DBS PayLah!
• OCBC Checking account
• Normal Chartered checking account
• Any credit score/debit card

You’ll have to hyperlink your PayNow as properly. There isn’t a e-wallet concerned; any funds you obtain (like cashback, referral bonuses, and transfers from pals) will go straight to your checking account through PayNow.

The perfect a part of utilizing Google Pay is that you simply get scratch playing cards while you switch not less than $10 to a good friend (as much as 2 scratch playing cards per week) or faucet or scan to pay in-store (max. 2 scratch playing cards per week). You “scratch” these digital playing cards to unveil cashback.

By the best way, Apple customers can use Google Pay too, however primarily for financial institution/PayNow transfers solely. It’s almost not possible to make use of the contactless bank card cost operate as a result of your iPhone will robotically pull up Apple Pay.

Apple Pay & Samsung Pay

Apple Pay and Samsung Pay are each cost apps particularly for customers of a specific model of smartphone.

To make use of both app, you merely hyperlink your credit score/debit card to the app, then activate it by waving your cellphone over the contactless cost terminal on the counter. You’ll get prompted with fingerprint authentication, which presents you an added layer of safety.

There’s not a lot to say about both app since they’re fairly fundamental in comparison with Google Pay. They’re primarily so that you can make contactless purchases in-store, which let you earn bank card factors.

Aside from Apple and Samsung, there’s additionally Huawei Pay, however that solely works with ICBC playing cards in the intervening time. So it’s un-usable for many Singaporeans.

FavePay

FavePay shouldn’t be precisely a cellular pockets as you don’t have to switch any cash to make use of it. Relatively, it’s linked to your credit score/debit card or GrabPay.

That is advantageous if you wish to use a specific card in an effort to benefit from cashback or rewards. In the event you use GrabPay you possibly can earn GrabRewards factors on the similar time.

So why use FavePay when there are such a lot of different e-wallets on the market? One among FavePay’s greatest attracts is that it rewards you with perks like reductions and money rebates while you spend at associate retailers. For instance, you possibly can earn 5% rebtea while you patronise your favorite prata store, to be redeemed the following time you go to.

Its vary of retailers consists of F&B, leisure, magnificence and retail institutions, amongst others, so it pays to browse out there offers beforehand.

GrabPay

Seize has dominated the non-public rent automotive market ever since swallowing Uber, and their GrabPay cost technique has a consequence grow to be fairly widely-used.

GrabPay makes use of an e-wallet, which requires topping-up and upkeep similar to DBS PayLah! You possibly can switch cash to your Seize pockets by way of PayNow or by scanning the QR code and utilizing your banking app’s QR cost operate.

Some folks additionally hyperlink their bank cards for simpler top-ups however remember that the majority banks now exclude GrabPay top-ups from incomes rebates/factors.

The GrabPay cellular pockets can be utilized not solely to pay for Seize rides and GrabFood deliveries, but in addition for in-store purchases at retailers displaying the GrabPay QR code.

GrabPay has an okay variety of associate retailers together with quite a few eating places, nevertheless it’s not as widespread as FavePay. However it may be worthwhile utilizing it each time you possibly can as you earn GrabRewards factors for each $1 you spend and might then redeem your factors for vouchers and reductions.

Singtel Sprint

Singtel Sprint is a cellular pockets by Singtel. Like GrabPay, it’s an e-wallet and so it requires you to prime up utilizing a credit score/debit card or checking account. Then you should utilize the app to pay at associate retailers, and for each $1 spent, you earn Sprint Rewards.

Singtel Sprint isn’t very broadly accepted, however you should utilize Singtel Sprint to pay FavePay retailers, which lets you “stack” each FavePay reductions/rebates AND Sprint Rewards.

One relatively distinctive characteristic of Singtel Sprint is that it allows you to remit cash to Bangladesh, China, India, Indonesia, Malaysia, Myanmar and the Philippines, so it may be helpful for customers from these nations.

NETSPay

For a lot of Singaporeans, NETS was the primary sort of cashless cost they ever used. Some small retailers nonetheless settle for “money or NETS” solely.

The NETSPay app allows you to pay by tapping your cell phone on a NETS FlashPay terminal, or scanning a QR code. You must hyperlink your DBS/POSB, OCBC or UOB NETS financial institution card to the app, and the cost can be deducted out of your checking account.

Theoretically, it’s best to be capable of use NETSPay at all kinds of retailers. However with none further advantages to the person, it simply looks like one other app you don’t want.

Which cellular cost app must you use?

Your selection of cellular cost app will rely largely in your financial institution, your cellphone and the retailers you frequent.

Proper now, we’re a fan of Google Pay because it helps each bank card and PayNow capabilities, eliminating the necessity for a number of apps. The scratch playing cards are a bonus.

In the event you dine out rather a lot, FavePay can also be a very good one because it’s broadly accepted. It additionally stands out because it’s not only a cost technique but in addition a reduction app of kinds.

We choose bank card apps over e-wallet apps as a result of they’re easier to take care of and permit us to earn bank card money rebates. For instance, these playing cards allow you to earn rebates/factors on contactless cost:

With monetary fraud on the rise, cellular cost apps, whereas handy, are a little bit of a double-edged sword. The extra e-wallets you might have, the harder it’s to maintain watch over them for any fraudulent or suspicious exercise.

No matter what you utilize, watch out about linking your bank card for automated top-ups and keep alert to phishing scams. And earlier than you join that super-attractive on-line promotion, verify if there’s a web page about it on the official financial institution or service supplier’s web site.

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