Nature of E-money

What is an e-wallet?

An e-wallet is an account, similar to a payment account, that is used to store e-money. An e-wallet is able to be used to initiate a payment order or execute a transaction. 

According to MAS (FAQs)

last revised 31 March 2021

Account issuance service includes the service of issuing a payment account to any person in Singapore. A “payment account” is defined in the PS Act, and the definition includes a bank account, a debit card, a credit card and a charge card.

An e-wallet being an account that stores e-money is also likely to be a payment account, as it is usually one which is held in the name, or associated with the unique identifier, of any person, and is used by that person for the initiation of a payment order or the execution of a payment transaction, or both.