Grab, Razer, Dash To Support PayNow And Fast From Feb 2021
The Monetary Authority of Singapore (MAS) announced today (November 30) that qualifying non-bank financial institutions (NFIs) will be allowed to connect directly to PayNow and Fast (Fast And Secure Transfers) money transfer services.
These NFIs include Grab Financial Group, which operates GrabPay; Razer Fintech, the financial technology arm of game company Razer; and Singtel’s Dash electronic wallet.
From February 2021, users of these NFI wallets will be able to make real-time fund transfers between their bank accounts and e-wallets, as well as between different e-wallets.
Currently, most e-wallets require users to top up their funds using debit or credit cards, and fund transfers between e-wallets are not possible.
What does this move mean to us?
MAS Managing Director Ravi Menon said the move helped close “the last mile gap in Singapore’s electronic payments journey.”
“Consumers who may not have easy access to debit or credit cards to fund their e-wallets will now have the option to do so directly through their bank accounts. … The adoption of electronic payments will become even easier for individuals and businesses. “
This decision will also benefit traders.
Businesses that partner with any of the 23 Fast or nine PayNow banks, or e-wallets that have traditionally been closed-loop ecosystems, will soon be able to receive real-time payments from other e-wallet or e-wallet users. mobile banking applications that will join. FAST or PayNow.
“This will allow businesses to access a larger consumer market than ever before to receive electronic payments instantly and transparently,” MAS said.
In a Facebook post, Minister Vivian Balakrishnan sees the move as “another boost for our electronic payment systems in Singapore”.
“This means greater convenience for all of us as e-wallets and bank account become more interoperable through APIs,” he added.
Featured Image Credit: Vulcan Post
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