Response to "Cut down on cheque payments" - The Straits Times, 16 October 2014
21 October 2014
The Editor ST Forum
The Monetary Authority of Singapore (MAS) thanks Mr Tan Kin Lian for his views and agrees that the use of electronic payment (e-payment) modes should be encouraged in Singapore (“Cut down on cheque payments”, ST Forum, 16 October 2014).
This is why we have been partnering the industry to implement various e-payment initiatives through the years, from GIRO to the recently launched FAST (Fast and Secure Transfers).
These initiatives have showed good results. Last year, e-payments accounted for 83 percent of payment transactions made using cheques and electronic channels, up from 78 percent in 2010. FAST, which allows customers to transfer up to S$10,000 securely and almost instantly between accounts held with participating banks, has also registered a strong take-up since its launch in March 2014.
To increase usage of FAST by businesses, the Association of Banks in Singapore is enhancing FAST to allow more payment information to be transmitted together with each payment. This will enable businesses to reconcile payments more easily.
MAS will continue to work with the industry to promote the use of more efficient payment modes.
Bey Mui Leng Director (Communications) Monetary Authority of Singapore