Copyright straitstimes
SINGAPORE - Transaction fees for all e-payment options will now be absorbed by Singapore Pools, following a longstanding 10-cent PayNow fee imposed by the operator.These efforts will give “greater convenience to our customers” and will take effect from Nov 11, said the country’s only legalised sports, lottery and horse racing operator in a statement on the same day.According to its website, the 10-cent fee applied for each PayNow transaction, including bet placement and prize claims. The company will absorb the transaction fees for PayNow as well as other e-payment options including FAST and Nets, adding that it is also working with partners to absorb the eNETS transaction fees. The operator explained that the decision came after reviews with the Association of Banks in Singapore (ABS), its partner banks, and Nets, on the transaction fees. It also included a review of existing contracts that allow the recovery of processing costs charged by partners for services related to PayNow and Nets, Singapore Pools said. As significant system and operational changes are required, eNETS payments will be suspended temporarily until further notice, it added. “Singapore Pools remains fully committed to managing every dollar prudently while fulfilling its mission of countering illegal gambling and channelling surplus funds for the benefit of Singapore and Singaporeans,” the company said. Last month, Deputy Prime Minister Gan Kim Yong, who is also the Minister for Trade and Industry and chairman of the Monetary Authority of Singapore, said in a written parliamentary reply that ABS, which owns the PayNow scheme, is engaging Singapore Pools to Singapore Pools is a subsidiary of the Tote Board, a statutory board of the Finance Ministry. The Straits Times in October had asked Singapore Pools for how long it had been collecting the 10-cent surcharge, how much was collected and if it intended to refund customers, but the company would only say the surcharge was not a new practice, having been introduced before the surcharge prohibition rules by ABS. The ABS rules have been effective since March 2024.Singapore Pools generated
