Singapore vs Thailand · Real-time payment systems compared
| Capability | FAST | PromptPay |
|---|---|---|
| QR Code Payments | ◐ | ✓ |
| Wallet Support | ◐ | — |
| 24/7 Availability | ✓ | ✓ |
| Cross-Border | ✓ | ✓ |
| ISO 20022 | ✓ | ✓ |
| Request to Pay | — | — |
| Open API | ◐ | ◐ |
| Alias/Proxy | ✓ | ✓ |
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.
Thailand's national e-payment system, a core part of the government's National e-Payment Master Plan. PromptPay links bank accounts to mobile numbers or national citizen IDs for instant P2P transfers, and includes a standardised QR code system for merchant payments. Operated by NITMX under Bank of Thailand oversight, it connects all major banks with zero fees for transfers under THB 5,000. PromptPay has cross-border QR linkages with Singapore's PayNow, Malaysia's DuitNow, and other ASEAN systems.