Smart Transactions

In 2014, we took our first steps to enable citizens to make swift and efficient transactions by launching Fast and Secure Transfers. This initiative facilitates direct, real-time financial transactions between consumers and businesses across various banks.

Today, we have an extensive e-payments network that makes buying and selling goods and services more convenient. Citizens can use their phones to purchase lunch or shop for groceries through instant payment systems like PayNow. They can also use Singpass to verify their identity and securely access over 2,700 services, from government transactions to banking and insurance, reducing the need for physical trips to service centres.

PayNow offers an enhanced funds transfer experience that enables retail customers of the participating banks and NFIs to send and receive Singapore Dollar funds from one bank or e-wallet account to another in Singapore through FAST by using just their mobile number, Singapore NRIC/FIN, or Virtual Payment Address (VPA), instantly.

SGQR is the world’s first unified payment QR code. It combines multiple payment QR codes into a single SGQR label, making QR payments simple for both consumers and merchants.

Singpass, the National Digital Identity (NDI) initiative, provides a convenient and secure platform for users - both citizens and businesses - to transact with the Government and other private service providers.