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The MAS Electronic Payment System, or MEPS in short, is an SGD-only online interbank payment and fund transfer system in Singapore. [1] It went online in July 1998, and is owned and operated by the Monetary Authority of Singapore (MAS). The irrevocable transfer of funds and the real-time nature of transfers are some of the key features of MEPS.
PayNow is a near-instant real-time payment system developed by Association of Banks in Singapore. [1] The interface facilitates inter-bank peer-to-peer and person-to-merchant transactions. The system is supported by all major Singaporean banks and is regulated by the Monetary Authority of Singapore (MAS) and works by transferring funds between ...
Since 2009, Singapore motorists can use EZ-Link cards in their new generation In-Vehicle Unit to pay for Electronic Road Pricing (ERP) and Electronic Parking System (EPS) payments. [ 7 ] [ 8 ] In August 2016, EZ-Link introduced a post-paid ERP payment service called EZ-Pay.
Fares can be paid via stored value travel cards (e.g. EZ-Link), bank cards (e.g. credit/debit cards, mobile wallets), or tourist passes. [20] The ticketing system is developed based on the Contactless e-Purse Application standard. The Symphony for e-payment (SeP) is the backend processing and clearing system for public transit. [21]
The system uses open road tolling; vehicles do not stop or slow down to pay tolls. [4] [5] Singapore was the first city in the world to implement an electronic road toll collection system for purposes of congestion pricing. [6]
NETS operates Singapore's national debit scheme enabling customers of DBS Bank, POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank, CIMB and UOB to make payments using their physical/contactless ATM cards or mobile devices at more than 120,000 acceptance points in Singapore including major retailers, food courts, hawker centres, convenience stores and supermarkets.
The Singapore Area Licensing Scheme (ALS) (Malay: Skim Perlesenan Kawasan Singapura) was a road pricing scheme introduced in Singapore from 1975 to 1998 that charged drivers who were entering downtown Singapore. This was the first urban traffic congestion pricing scheme to be successfully implemented in the world. [1]
Zafin completed a customized pricing system for ZKB in 2008. The complexity of the integration, which resulted in allowing ZKB to perform relationship-based pricing for large customers in real time, was featured in an academic text, "Management von Integrationsprojekten: Konzeptionelle Grundlagen und Fallstudien aus fachlicher und IT-Sicht", [15] edited by Dr. Robert Winter of the University ...