Why E-Payments?

  • To provide an open, accessible nd interoperable national e-payments infrastructure
  • To facilitate simple, swift, seamless, and secure digital transactions
  • Enhance convenience and efficiency for citizens and businesses

 

Our e-Payments Milestones

  • 2014: Singapore’s banking industry launched FAST (Fast and Secure Transfers), a payment system that enables direct real-time transfers between consumers and businesses across different banks. 

  • 2017: PayNow was launched. The platform enables instant peer-to-peer transfers between customers of participating banks, simply by entering a mobile or personal identification number.
    • A number of Government agencies have begun to use PayNow:
      • CPF and MOE started to pilot the use of PayNow in March 2018 to disburse CPF lump sum and Edusave award monies respectively.
      • In July, SportSG disbursed the Singapore National Games Awards to prize winners via PayNow. 
      • From 2019, NSMen will be able to receive IPPT awards via PayNow on the same day, compared to two weeks after their IPPT currently.
      • In 2018, citizens who have registered their NRIC on PayNow by 7 November 2018 will receive their SG Bonus 10 days earlier compared to those who opt to receive it by direct bank crediting, and 20 days earlier than those who opt to receive it by cheque.
  • 2018: PayNow Corporate was introduced to allow businesses and government agencies to pay and receive funds instantaneously using a Unique Entity Number. Around 40,000 businesses have signed up.
  • 2018: NETS was appointed to develop an interoperable and open access e-payment solution at 200 coffee shops, 25 hawker centres and 20 industrial canteens over 2 years. This would make it more convenient for citizens and merchants to make and receive payments.
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  • 2018: The Singapore government worked with industry players to launch the Singapore Quick Response Code (SGQR) standard, which combines multiple payment QR codes into a single SGQR code. With SGQR, merchants only need one QR code to accept mobile payments.

 

 
  • 2019: Non-bank players to get access to FAST

 

 

 

Last updated on 15 Nov 2018