Types of Payment Services
MAS regulates 7 types of payment services under the Payment Services Act (PS Act).
Payment service providers must hold a licence to provide these payment services in Singapore, unless exempted:
| Type of Payment Services | Brief Description |
|
Account issuance service |
Issuing a payment account, or any service relating to any operation required for operating such accounts. Examples include electronic wallets (e-wallets) or a stored-value card that can be used to pay at various merchants or to transfer funds to other parties. |
|
Domestic money transfer service |
Providing local funds transfer service in Singapore, which could include payment gateway services and payment kiosk services. |
|
Cross-border money transfer service |
Providing inbound or outbound remittance service in Singapore. |
|
Merchant acquisition service |
Providing the service of accepting and processing payment transactions for a merchant under a contract. This service usually includes the provision of a point-of-sale terminal or online payment gateway. Merchant acquirers may also be providing a money transfer service if they facilitate the transfer of funds. |
|
E-money issuance service |
Issuing e-money, which can be used for payment or fund transfers. |
|
Digital payment token service |
Buying or selling digital payment tokens (DPTs) (commonly known as cryptocurrencies), or providing a platform to allow persons to exchange DPTs. |
|
Money-changing service |
Buying or selling foreign currency notes. |
Note: You may refer to Part 2 of the First Schedule of the PS Act for more information on services that are not regulated payment services under the PS Act.
You may also refer to the FAQs on the Payment Service Act for more information on the scope of payment services.