🇲🇾 DuitNow vs 🇸🇬 FAST

Malaysia vs Singapore · Real-time payment systems compared

🇲🇾 DuitNow

Malaysia

2025 Transactions4.5 billion

2025 Value (USD)$330.0bn

Volume YoY+28.6%

Launched2018

OperatorPayNet

SettlementInstant

🇸🇬 FAST

Singapore

2025 Transactions615.0 million

2025 Value (USD)$603.1bn

Volume YoY+23.0%

Launched2014

OperatorMAS

SettlementInstant

Key differences

DuitNow processes 7× more transactions than FAST (4.5 billion vs 615.0 million in 2025).
DuitNow is growing faster year-on-year (28.6% vs 23.0%, a 5.6 point gap).
FAST (2014) predates DuitNow (2018) by 4 years.
Both systems support cross-border, ISO 20022, proxy/alias lookup.
DuitNow uniquely supports QR code payments, request-to-pay.

Infrastructure comparison

Capability	DuitNow	FAST
QR Code Payments	✓	◐
Wallet Support	✓	◐
24/7 Availability	✓	✓
Cross-Border	✓	✓
ISO 20022	✓	✓
Request to Pay	✓	—
Open API	✓	◐
Alias/Proxy	✓	✓

About each system

DuitNow

Malaysia's unified real-time payment platform operated by Payments Network Malaysia (PayNet). DuitNow supports instant transfers via mobile number, NRIC, passport number, or business registration, with DuitNow QR enabling interoperable merchant payments across all banks and e-wallets. The system also includes DuitNow Request (request-to-pay) and DuitNow Autodebit for recurring payments. Cross-border QR linkages with Thailand's PromptPay, Singapore's PayNow, and Indonesia's QRIS are live or in progress.

FAST

Singapore's two-layer instant payment infrastructure: FAST (Fast And Secure Transfers, 2014) provides the real-time clearing rail, while PayNow (2017) adds a proxy-based overlay allowing transfers via mobile number, NRIC/FIN, UEN, or VPA. PayNow has cross-border linkages with India's UPI, Thailand's PromptPay, and Malaysia's DuitNow. Governed by the Association of Banks in Singapore (ABS) under MAS oversight, the system supports P2P, P2M, and government disbursements with no transaction fees for individuals.