Payment services: Merchant acquisition
Must merchant acquirers safeguard customers' money?
Yes, for major payment institutions and exempt payment service providers that provide merchant acquisition service, but not required for standard payment institutions.
According to MAS (PS Act Guide)
MPIs and exempt payment service providers are required to safeguard customer money from their insolvency in respect of domestic money transfer service, cross-border money transfer service, merchant acquisition service and e-money issuance service (for specified e-money).
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SPIs are not required to comply with safeguarding requirements but must disclose certain information to their customers so that customers can make informed decisions on which payment service provider best suits their needs.