Electronic payments (E-payments) are today simple, swift, seamless and secure digital transactions. As we move towards more of such transactions, e-payments will increasingly become a vital mode of payment for everyone - citizens and businesses alike.
The Journey So Far
To make financial transactions more seamless and efficient for all, we’re constantly working towards a simple and secure platform that operates across various systems.
Here’s a quick look at some of the milestones so far:
- FAST (Fast and Secure Transfers) launched in 2014
- Facilitates direct, real-time transfers between consumers and businesses across different banks
- PayNow launched in 2017
- Facilitates real-time peer-to-peer transfers between customers of participating banks by entering a mobile or personal identification number
- PayNow Corporate launched in 2018
- Allows businesses and Government agencies to pay and receive funds instantaneously using a Unique Entity Number
- NETS developed an interoperable and open-access e-payment solution in 2018
- The payments infrastructure covers 200 coffee shops, 25 hawker centres and 20 industrial canteens, making transactions more convenient
- Singapore Quick Response Code (SGQR) standard introduced in 2018
- With SGQR, merchants need just one QR code to accept mobile payments from different service providers
- Non-bank financial institutions received access to FAST in 2021
- Provides consumers and businesses with additional options to make financial transactions more conveniently