2 new e-payment methods launching in mid-2025 as Singapore phases out cheques
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SINGAPORE — Users of retail and corporate cheques will have two new electronic payment methods as part of Singapore's move to phase out cheques. From mid-2025, they can use electronic deferred payment system EDP and EDP+ to do so, the Association of Banks2 new e-payment methods launching in mid-2025 as Singapore phases out cheques
SINGAPORE — Users of retail and corporate cheques will have two new electronic payment methods as part of Singapore's move to phase out cheques. From mid-2025, they can use electronic deferred payment system EDP and EDP+ to do so, the Association of Banks in Singapore (ABS) and the Monetary Authority of Singapore (MAS) said on Dec 5. EDP and EDP+ will be available via the digital banking platforms of seven banks, namely DBS, OCBC, UOB, Citibank, HSBC, Maybank and Standard Chartered Bank. The main difference between EDP and EDP+ lies in when funds are deducted from the payer's account. For EDP, funds are deducted upon presentment by the payee, while for EDP+, funds are deducted immediately upon issuance. MAS and ABS said EDP will address the need for deferred payments — done by way of post-dated cheques today. EDP+ is a variation of EDP that provides greater certainty of payment — like cashier's orders do now. Read more