E-Payments

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