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