Kenya vs Singapore · Real-time payment systems compared
| Capability | M-Pesa | FAST |
|---|---|---|
| QR Code Payments | ✓ | ◐ |
| Wallet Support | ✓ | ◐ |
| 24/7 Availability | ✓ | ✓ |
| Cross-Border | ◐ | ✓ |
| ISO 20022 | — | ✓ |
| Request to Pay | ✓ | — |
| Open API | ✓ | ◐ |
| Alias/Proxy | ✓ | ✓ |
Africa's pioneering mobile money platform that revolutionised financial services by enabling P2P transfers, bill payments, merchant payments, savings, and loans via basic SMS or smartphone app — no bank account required. Launched by Safaricom in Kenya in 2007, M-Pesa now serves 60M+ active users across Kenya, Tanzania, DRC, Mozambique, and other African markets. It processes more transactions than many traditional banking systems and has become a textbook case study in financial inclusion, reaching unbanked populations through mobile-first design and agent networks. Note: Data follows Safaricom's fiscal year ending March (e.g. "2025" = April 2024 – March 2025).
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.