MAS, banks move to address PayNow surcharge amid fee concerns

Singapore’s central bank says banks must ensure transparency as it reviews surcharges on PayNow.

The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) are in discussions with Singapore pools over its practice of imposing a surcharge on PayNow transactions.

Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Chairman of MAS, said in a written parliamentary reply on 14 October 2025 that the authority does not regulate payment service fees but expects banks to disclose charges clearly and uphold consumer protection standards.

ABS said it is aware of the surcharge and has been engaging PayNow-participating banks connected to Singapore pools to review the practice.

Gan said MAS will monitor developments and assess whether additional guidance is needed to maintain transparency across digital payment platforms.