What’s New?

1. Consent to Disclosure of your information to Third Party Platform Providers and their customers / users

With effect from 21 September 2020 (date inclusive), the PayNow Terms will be updated to cover Third Party Platforms through which PayNow Transfers can take place as well as Third Party Platform Providers. Please note the new Clauses 15, 15A and Clause 15B.

A summary of the salient changes is set out below:

• Clause 15: You consent to us disclosing Your Data (i.e. the details of your PayNow Registration including information regarding your Linked Account, your mobile phone number and/or your NRIC number (depending on your Registration Type), your display name, and your name) to:
  • Banking Computer Services Private Limited (“BCS”) for its use, processing, archival and disclosure to Third Party Platform Providers and their customers/users, for the purposes of providing, maintaining and enhancing PayNow and related services to the aforesaid;
  • Third Party Platform Providers (whether via BCS, a Participating Bank or otherwise) and their customers/users to determine and/or display on the Third Party Platform whether you have completed a PayNow Registration and for its use and processing funds transfers via PayNow. This applies even if you are not a user of the Third Party Platform; and
  • a Participating Bank for its disclosure to Third Party Platform Providers and their customers/users, for the above purposes.
• Clause 15A: Where you use the services of a Third Party Platform or make PayNow Transfers on any Third Party Platform, you also consent to the Bank disclosing information (including your Bank Account Token, Bank Account type, Masked Bank Account Number, and Bank Account number) to the Third Party Platform Provider for the purposes of providing the Third Party Platform services.
• Clause 15B: To the extent that the information disclosed pursuant to Clauses 15 and 15A comprises personal data, such personal data will be disclosed by the Bank to the relevant third parties in accordance with the Bank’s privacy statement available at sc.com/sg/privacy.

The above changes will take effect from 21 September 2020 (date inclusive).

2. Daily Cumulative PayNow Transfer Limits

We will be also updating the PayNow Terms on the daily cumulative PayNow transfer limits as follows:

• One-Time PayNow Transfers: Increase from S$ 1,000 to S$ 10,000. An additional PIN / password will be required for amount more than S$ 1,000; and
• PayNow QR Transactions: Increase from S$ 10,000 to S$ 50,000. An additional PIN / password will be required for amount more than S$ 1,000.

Where you make PayNow Transfer(s) using a Third Party Platform, such PayNow Transfer(s) will also be subject to the same total maximum daily transfer limit (calculated on a cumulative basis) of S$1,000 as referred to above.

The updated transaction limits will take effect from 28 September 2020 (date inclusive).

The revised Terms and Conditions for use of PayNow with Standard Chartered will also be available at https://www.sc.com/sg/terms-and-conditions/paynow/ and our Customer Terms from 21 September 2020; any of our branches; or you may call our 24-hour Client Contact Centre at +65 6747 7000 to request a hard copy.