SINGAPORE – Transaction fees for all e-payment options will no longer be charged by Singapore Pools, which had long imposed a 10-cent PayNow fee.
The move will give “greater convenience to our customers” and will take effect on Nov 11, said the country’s only legalised sports, lottery and horse racing operator in a statement on the same day.
In response to queries from The Straits Times, Singapore Pools said that it had been collecting the transaction fees since November 2022 – before the March 2024 implementation of rules that prohibit such a surcharge – and had collected approximately $1.5 million in such fees since the rules took effect.
The fees were used to offset the processing costs charged by banks for additional services related to PayNow, it added.
The operator did not address a query on whether it intended to refund customers.
According to its website, the 10-cent fee applied to each PayNow transaction, including bet placement and prize claims. The transaction fee was 10 cents for those using Fast and 20 cents for Nets.
In October, Deputy Prime Minister Gan Kim Yong, who is also Minister for Trade and Industry and chairman of the Monetary Authority of Singapore, said in a written parliamentary reply that this practice is not allowed.
He added that the Association of Banks in Singapore (ABS), which owns the PayNow scheme, was engaging Singapore Pools to address its practice of imposing surcharges on customers who opt to use the payment method.
DPM Gan explained then that transaction fees for payments received by merchants from end consumers are waived by the major retail banks, while a minimal fee is charged if the merchant uses additional services, like notifications for funds received.
The surcharge prohibition rules by ABS had been in effect since March 2024, he added.
In its Nov 11 statement, Singapore Pools said it will stop charging the transaction fees for PayNow as well as other e-payment options, including Fast and Nets. It added that it is also working with partners to absorb the eNets transaction fees.
The operator explained that the decision came after reviews with ABS, its partner banks and Nets on the transaction fees.
This also included a review of existing contracts that allow the recovery of processing costs charged by partners for services related to PayNow and Nets, Singapore Pools said.
As significant system and operational changes are required, eNets payments will be suspended temporarily until further notice, it added.
“Singapore Pools remains fully committed to managing every dollar prudently while fulfilling its mission of countering illegal gambling and channelling surplus funds for the benefit of Singapore and Singaporeans,” the company said.
Singapore Pools is a subsidiary of the Tote Board, a statutory board of the Finance Ministry.
It generated $12.7 billion in turnover in the 2024/2025 financial year, an increase from $12.2 billion in the previous financial year.
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