Nature of Point-of-Sale (POS) Terminals
What licence must I obtain to provide payment kiosks services?
The licence required depends on the following financial thresholds. Note that the type of licence is the same even if your payment kiosks offers other activities regulated under the Payment Services Act besides domestic money transfer.
According to MAS (Pages) and (Pages),
last revised 26 June 2020
License Type Description Standard Payment Institution License
Are able to conduct multiple payment services. Subject to the following thresholds:
- ≤S$3m monthly transactions for any activity type.
- ≤S$6m monthly transactions for 2 or more activity types.
- ≤S$5m of daily outstanding e-money for e-money issuance services.
Major Payment Institution License
Are able to conduct multiple payment services. Subject to the following thresholds:
- >S$3m monthly transactions for any activity type.
- >S$6m monthly transactions for 2 or more activity types.
- >S$5m of daily outstanding e-money for e-money issuance services.