New peer-to-peer funds transfer service from July 10

A NEW peer-to-peer transfer service in Singapore through mobile phones will be available from July 10, the Association of Banks in Singapore said on Tuesday.Known as PayNow, the free service will be offered round the clock to customers of seven participating banks. The banks are: Citibank, DBS, HSBC, Maybank, OCBC Bank, Standard Chartered Bank and UOB.The sender no longer needs to know the recipient's bank account number when doing fund transfers. With PayNow, bank customers can pay using the recipients' mobile numbers. Recipients will have to register a mobile number with a participating bank, to get the funds.The service will be limited to Singapore-dollar funds, and transfers within Singapore.