User Protection for Merchant Acquirers
Your business description
Must merchant acquirers issue receipts for transactions?
Yes.
According to MAS (Notices)
last revised on 05 December 2019
Licensees of merchant acquisition services "must issue a receipt... for every transaction it accepts, processes or executes to a customer— (a) where the customer is an individual or sole-proprietor; and (b) in all other cases, where the customer requests a receipt."
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.