Payment services: Merchant acquisition
What licence must I obtain to provide a merchant acquisition service?
According to MAS (Pages) and (Pages),
last revised 26 June 2020
The licence required depends on the following financial thresholds:
Licence 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.