Payment services: Domestic money transfer service

Domestic Money Transfer definition

According to PS Act

“domestic money transfer service” means the service of accepting money for the purpose of executing, or arranging for the execution of, any of the following payment transactions, each of which is between a payer in Singapore and a payee in Singapore, in any case where neither the payer nor the payee is a financial institution:

(a) a payment transaction executed from, by way of or through a payment account;

(b) a direct debit (including a one‑off direct debit) through a payment account;

(c) a credit transfer (including a standing order) through a payment account;

(d) accepting any money from any person for transfer to the payment account of a different person;