Singapore Pools will absorb transaction fees for all its electronic payment options from Tuesday (Nov 11).

In a statement on Nov 11, Singapore Pools said that the move follows its reviews with the Association of Banks in Singapore (ABS), their partner banks, and NETS.

“They included a review of existing contracts with our partner banks and NETS that allow the recovery of processing costs charged by our partners for services related to PayNow and NETS,” said Singapore Pools. 

“As a result, Singapore Pools will absorb the transaction fees for PayNow as well as other e-payment options including FAST and NETS.”

Singapore’s sole legal gaming operator added that they will be working with their partners to absorb the eNETS transaction fees.

“As significant system and operational changes are required, eNETS payments will be temporarily suspended until further notice,” added Singapore Pools. 

The announcement was welcomed by the ABS. 

“PayNow provides a secure and easy-to-use e-payment method that Singaporeans use everyday. 

“PayNow is intended to be provided free to consumers choosing the speed and convenience offered by PayNow when making payments,” said ABS director Ong-Ang Ai Boon in a statement to the media. 

Issue came up in Parliament

Singapore Pools has, for years, been charging a 10-cent fee for each PayNow transaction.

Member of Parliament for Potong Pasir SMC Alex Yeo raised this in a parliamentary question in October, asking if any entities, including Singapore Pools, are exempt from the rules prohibiting merchants from imposing surcharges on PayNow transactions.

In a written parliamentary reply, Deputy Prime Minister Gan Kim Yong, who is also chairman of the Monetary Authority of Singapore (MAS), said that ABS was aware of the surcharge and was engaging Singapore Pools to address the practice. 

editor@asiaone.com 
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