The Association of Banks in Singapore announced that PayNow, a new person-to-person funds transfer service, will be available to customers from seven financial institutions starting July 10, according to a press release.

Citibank Singapore Limited, DBS Bank/POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank and United Overseas Bank are the initial banks involved with PayNow. Users will just need the recipient's mobile number or national ID number to send funds for free, according to the release.

Users access PayNow through their bank's online or mobile banking portal.

The association said in the release that it created PayNow to provide banks customers with an easier way to make transfers without the need of memorizing bank account numbers.