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SINGAPORE \u2013 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. <\/p>\n
These efforts will give \u201cgreater convenience to our customers\u201d and will take effect from Nov 11, said the country\u2019s only legalised sports, lottery and horse racing operator in a statement on the same day. <\/p>\n
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.<\/p>\n
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\u00a0that 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 <\/p>\n address its practice of imposing surcharges on customers<\/p>\n <\/a> who opt to use the payment method. <\/p>\n 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. <\/p>\n 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. <\/p>\n The operator explained that the decision came after reviews with ABS, its partner banks and Nets on the transaction fees. <\/p>\n It 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.<\/p>\n As significant system and operational changes are required, eNets payments will be suspended temporarily until further notice, it added.<\/p>\n \u201cSingapore 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,\u201d the company said.<\/p>\n Singapore\u00a0Pools\u00a0is a subsidiary of the Tote Board, a statutory board of the Finance Ministry. <\/p>\n ST in October had asked Singapore\u00a0Pools\u00a0for how long\u00a0it\u00a0had been collecting the 10-cent surcharge, how much was collected and if\u00a0it\u00a0intended to refund customers, but the company would only say the surcharge was not a new practice, having been introduced before the surcharge prohibition rules by ABS. <\/p>\n The ABS rules have been effective since March 2024. <\/p>\n Singapore Pools generated\u00a0<\/p>\n $12.7 billion in turnover<\/p>\n <\/a> in the 2024\/2025 financial year, an increase from\u00a0$12.2 billion\u00a0in the previous financial year.<\/p>\n<\/div>\n