Payment services: Merchant acquisition

What are merchant acquisition services and how are they regulated in Singapore?

Merchant acquisition services allow a service provider to accept and process payment transactions for a merchant. This could include the operation of online payment gateways or the provision of point-of-sale terminals. Merchant acquirers are regulated under the licensing framework of PS Act and must hold one type of license - a standard payment institution license to conduct payment services below a specified threshold or a major payment institution license without any limits on transaction volume or float.