Interbank Fast transfer to be open to e-wallets as well

E-wallet users will soon be able to use Fast, an instant online interbank funds transfer system, to transfer funds to and from any e-wallet.

The move will allow Fast and Secure Transfer (Fast) service to "bring greater convenience to consumers", said Mr Ong Ye Kung, Minister for Education and Monetary Authority of Singapore (MAS) board member on Monday, Sept 17. 

Photo courtesy: Ong Ye Kung FB
Photo courtesy: Ong Ye Kung FB

He was speaking at the launch of the unified nationwide Quick Response (QR) payment label SGQR, according to a repory by Todayonline.

By giving e-wallets the access to Fast, consumers can top up and get refund their e-wallets from any bank instantly. This save them from worrying about their individual banks have enabled the bank account top-up feature.

“In the past, two persons must be using the same e-wallet in order to send money to one another. In future, they can send money across different types of e-wallets, so long as they are all connected to Fast,” Mr Ong said.