E-Payments

Learn more about the state of the electronic payments eco-system in Singapore, and MAS' strategies and initiatives to make Singapore an e-payments society.

Electronic payments (e-payments) have been around for many years, from the introduction of GIRO in 1984, to FAST and e-wallets for mobile phones today. E-payments are a convenient alternative to the use of cash and cheques as payment modes. They offer consumers a swift and efficient way to pay, and help businesses to enhance productivity.

As part of the Smart Nation vision to harness technology and improve people's lives, MAS seeks to create a Smart Financial Centre, where innovation is pervasive, and FinTech is used widely. E-payments are a key component of a Smart Financial Centre agenda. MAS' vision is to create an e-payments society, where not only convenience thrives, but also competition and innovation.

View our e-payments journey (3.45 MB)

"Our vision is to make Singapore an electronic payments society ... An e-payments society will be inclusive, innovative, and perhaps, even inspiring."
Ravi Menon, Managing Director, Monetary Authority of Singapore
MAS has outlined our e-payments vision and our progress over the years. Key speeches include :

Key Speeches

Singapore Payments Roadmap

MAS formulates policies, develops strategies and infrastructure, and collaborates with the industry to ensure a competitive and innovative payments ecosystem that is safe and secure. MAS seeks to foster an inclusive e-payments society by making e-payments easy to use and accessible to everyone.

 

The Singapore Payments Roadmap (1.32 MB) is a collaborative effort by MAS and KPMG to study Singapore’s payment landscape. The study surveyed more than 2,500 stakeholders in Singapore’s payment ecosystem and internationally to understand the current state of how consumers and businesses make payments. The study identified key recommendations and strategies to promote e-payments in Singapore.

 

Building on the Singapore Payments Roadmap recommendations, MAS formed the Payments Council to drive the adoption of e-payments, and foster innovation and collaboration in the industry. The Payments Council is headed by MAS' Managing Director, Mr. Ravi Menon, and comprises leaders from banks, payment service providers, businesses, and trade associations.

Parliament passed the new Payment Services Act (PS Act) in January 2019 to unify and streamline the regulatory requirements for various payment services in Singapore, including e-payments. The PS Act adopts a modular and risk-focused approach to tailor MAS’ rules according the scope and risks of each payment service. This gives MAS the flexibility to respond quickly to the fast changing payments landscape, and preserves stability while facilitating the innovation and growth of e-payments in Singapore. 

Development Initiatives

Singapore Quick Response Code (SGQR)

Read more about a common QR Code that will accept e-payments by both domestic and international payment schemes, e-wallets, and banks. SGQR has been deployed throughout Singapore since 2018.

Fast and Secure Transfers (FAST)

FAST is an electronic funds transfer service that enables customers of the participating banks to transfer Singapore Dollar funds from one bank to another in Singapore almost instantly.

Unified Point of Sale (UPOS)

UPOS terminals allow consumers to make retail payments through a single interface that accepts all major debit and credit card brands, including those that are contactless or embedded in smartphones, via a unified point-of-sale terminal. UPOS terminals have been widely deployed in Singapore since 2017.

PayNow

Paynow is a central addressing scheme that builds on the FAST infrastructure to enable users to transfer Singapore Dollar funds using the recipient's NRIC number, phone number or Unique Entity Number (UEN).

What's New

  • Enforcement Actions Media Releases
    Published Date: 30 June 2022

    MAS Reprimands Three Arrows Capital for Providing False Information and Exceeding Assets Under Management Threshold

    Singapore, 30 June 2022…The Monetary Authority of Singapore (MAS) today reprimanded Three Arrows Capital Pte. Ltd. (TAC) for providing false information to MAS and exceeding the assets under management (AUM) threshold allowed for a registered fund management company (RFMC). 2. In August 2013, TAC obtained its RFMC...

  • Monographs/Information Papers
    Published Date: 30 June 2022

    Implementation of Fairness Principles in Financial Institutions' Use of Artificial Intelligence / Machine Learning

    MAS conducted a thematic review on selected financial institutions’ (FIs) implementation of Fairness Principles in their use of Artificial Intelligence / Machine Learning (AI/ML). The paper highlights observations from the review of the FIs’ policies and governance frameworks to meet the Fairness objectives under the FEAT Principles, and their implementation effectiveness in actual AI/ML use cases. It sets out MAS’ recommendations, good practices and illustrative examples observed from the review.

  • Enforcement Actions
    Published Date: 28 June 2022

    Individual charged for carrying on fund management without a capital markets services licence

    Singapore, 28 June 2022… Ms Lee Ying Hui (“Lee”), was charged today for an offence under the Securities and Futures Act 1 (“SFA”). 2 Ms Lee is accused of managing her clients’ portfolio of capital markets products and entering into spot foreign exchange contracts for the purpose of managing her clients’ funds, between...

  • Consumer Price Developments
    Published Date: 23 June 2022

    Consumer Price Developments in May 2022

    This May 2022 report contains an update of the latest consumer price developments in Singapore, prepared by MAS and the Ministry of Trade and Industry.

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