askST: How opening up of PayNow, Fast services benefits consumers

If Nets and EZ-Link join the PayNow or Fast payment network, consumers can top up their Nets and EZ-Link online accounts from any PayNow-linked e-wallet or banking app. ST PHOTO: ONG WEE JIN
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SINGAPORE - Instant fund transfer services PayNow and Fast will open up to non-bank financial institutions from February next year, marking an era of intense competition in the e-wallet space.

Currently, only account holders with 23 banks can instantly move funds across banks through PayNow or Fast, or both. But going forward, such fund transfers may also be possible from e-wallets like GrabPay and Singtel Dash.

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