SINGAPORE – Transaction fees for all e-payment options will no longer be charged by Singapore Pools, following a longstanding 10-cent PayNow fee imposed by the operator.
These efforts will give “greater convenience to our customers” and will take effect from Nov 11, said the country’s only legalised sports, lottery and horse racing operator in a statement on the same day.
According to its website, the 10-cent fee applied for each PayNow transaction, including bet placement and prize claims. The transaction fees for those using Fast were 10 cents 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, is engaging Singapore Pools to
address its practice of imposing surcharges on customers
who opt to use the payment method.
He said 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.
