Payment services: Merchant acquisition
What can MAS require a merchant acquirer to do to improve interoperability?
Under the PS Act, MAS has powers to mandate the following outcomes:
a) A DPS operator or MPI must allow third parties to access any payment system it operates.
b) A MPI must participate in a specified common platform or enter into an equivalent arrangement to achieve interoperability of payment accounts issued by that MPI and other payment service providers.
c) A MPI must adopt a common standard to make widely-used payment acceptance methods interoperable.
MAS will continue to engage payment players to improve interoperability before using the interoperability powers under the PS Act.