Regulations for E-wallets
E-wallet providers are prohibited from providing cash withdrawal services. Would this inability to withdraw cash discourage customers from using e-wallets?
According to MAS (FAQs)
last revised on 31 Mar 2021
47.1 This restriction is in fact consistent with the objective of the PS Act to promote greater adoption of electronic payments and lesser reliance on cash services, which are already well provided by banks. It also preserves the privileges of our FTA partners, whose banks have been accorded access to ATMs and cashback services. Moreover, it is aligned with the industry practice today, where e-wallet issuers generally do not offer cash withdrawal services to their customers.
47.2 While customers cannot withdraw Singapore dollars, e-money issuers can work with banks to enable funds to be transferred to the customer’s bank accounts. Such bank transfers will be further facilitated in future with MAS’ initiative to allow non-bank e-money issuers to interoperate with bank accounts.