MAS and ABS will launch electronic deferred payment (EDP) and EDP+ in mid-2025 to replace cheques, extend corporate transition and support digital payments.
MAS and ABS to launch EDP and EDP+ solutions in mid-2025.
Corporate cheque processing deadline extended to 31 December 2026.
Retail cheques remain available, with fee waivers for seniors.
The Monetary Authority of Singapore (MAS), in partnership with the Association of Banks in Singapore (ABS), has announced the introduction of two new electronic payment solutions to facilitate a smooth transition for corporate and retail cheque users.
Set for launch in mid-2025, these solutions will support Singapore’s push towards a cashless society by providing secure and convenient digital alternatives.
Supporting the transition to digital payments
The new EDP and EDP+ solutions will address two key use cases: post-dated payments and transactions requiring higher payment certainty. EDP will be accessible via digital banking platforms and fully integrated with PayNow, allowing users to identify payees easily and complete payments digitally, reducing reliance on cheques.
For businesses, the solutions offer a more efficient and accessible way to process payments, replacing paper cheques. Retail users will benefit from the same simplicity and security, minimising risks associated with physical cheques.
To ensure a smooth shift, the corporate cheque processing deadline has been extended to 31 December 2026. This gives businesses ample time to adopt digital payment methods, which offer faster transaction processing and enhanced security.
Retail cheques and waived fees for seniors
Retail cheques, along with cashier’s orders and USD cheques, will remain available for both corporate and retail customers. Major banks in Singapore will continue waiving cheque service fees for senior citizens, ensuring continued support for the country’s diverse customer base during this transition period.
Encouraging e-payment adoption
MAS encourages all cheque users, both corporate and retail, to begin adopting e-payment alternatives, as EDP and EDP+ become available in mid-2025.