🇸🇬 FAST vs 🇦🇷 SNP

Singapore vs Argentina · Real-time payment systems compared

🇸🇬 FAST

Singapore

2025 Transactions615.0 million

2025 Value (USD)$603.1bn

Volume YoY+23.0%

Launched2014

OperatorMAS

SettlementInstant

🇦🇷 SNP

Argentina

2025 Transactions8.0 billion

2025 Value (USD)$590.4bn

Volume YoY+2.6%

Launched2016

OperatorBCRA

SettlementInstant

Key differences

SNP processes 13× more transactions than FAST (8.0 billion vs 615.0 million in 2025).
FAST is growing faster year-on-year (23.0% vs 2.6%, a 20.4 point gap).
FAST (2014) predates SNP (2016) by 2 years.
Both systems support proxy/alias lookup.
FAST uniquely supports cross-border, ISO 20022.
SNP uniquely supports request-to-pay.

Infrastructure comparison

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

About each system

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.

SNP

Argentina's Sistema Nacional de Pagos enables instant interbank transfers supporting both push (credit) and pull (debit) payments via CBU (bank account), CVU (virtual wallet), or alias (human-readable name). Operated by the BCRA, it connects traditional banks and the rapidly growing fintech/e-wallet ecosystem (Mercado Pago, Ualá, etc.). Transferencias 3.0 extended the system with interoperable QR codes for merchant payments, making it one of Latin America's most feature-rich instant payment platforms.