Payment services: Merchant acquisition
Merchant Acquisition definition
According to MAS (Guidelines)
last revised 18 December 2019
Providing merchant acquisition service in Singapore where the service provider processes payment transactions from the merchant and processes payment receipts on behalf of the merchant. Usually the service includes providing a point-ofsale terminal or online payment gateway.
“merchant acquisition service” means any service of accepting and processing a payment transaction for a merchant under a contract between the provider of the service and the merchant, which results in a transfer of money to the merchant pursuant to the payment transaction, regardless whether the provider of the service comes into possession of any money in respect of the payment transaction, in a case where —
(a) the merchant carries on business in Singapore, or is incorporated, formed or registered in Singapore; or
(b) the contract between the provider of the service and the merchant is entered into in Singapore;