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Dear Valued Customers,
Kindly be informed that with effect from 20th April 2021 onwards (date inclusive), ICBC PayNow Terms and Conditions (Individual) will be amended. Changes to the terms relate to the inclusion of funds transfer to e-wallets of non-bank financial institutions (“NFIs”) via PayNow and self-adjustment on default limit via ICBC internet or mobile banking.
A summary of the changes are as follows: -
| Definition |
| “Participating Bank” will be revised to “Participating Institution” to include NFIs |
“Participating Institution” refers to banks and other entities which participates in providing PayNow service to its customers. Accordingly, Clause 2(d), Clause 5(b), Clause 5(c)(iii), Clause 6(e) which previously made reference to “Participating Bank” will be updated to “Participating Institution”. |
| “Proxy Information” to include Virtual Payment Address (VPA) |
“Proxy Information” means such PayNow Recipient’s proxy details (including NRIC number /mobile phone number/ unique entity number and virtual payment address) as may be registered with the relevant Participating Institution. |
| Adjusting PayNow Default Limit |
| Amendment to Clause 4(a) to include the adjustment of default limit |
You may adjust the default limit via ICBC internet banking or mobile banking subject to the cumulative daily limit of S$10,000 and any limit and/or directions we may prescribed from time to time. |
Please click here to view the revised ICBC PayNow Terms and Conditions (Individual).
Thank you for banking with us.
Yours Sincerely,
Industrial and Commercial Bank of China Limited, Singapore Branch
20th April 2021
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