MAS raises stock cap and flow cap on personal e-wallets
On 15 December 2023, the Payment Services Regulations 2019 were amended to implement revisions to limits imposed on personal payment accounts that contain e-money (“e-wallets”) issued by major payment institutions.
Pursuant to the Payment Services (Amendment No. 2) Regulations 2023:
- the maximum amount of funds that can be held at any given time (“stock cap”) in each e-wallet has been raised from S$5,000 to S$20,000; and
- the maximum total outflow over a rolling 12-month period (“flow cap”) from each e-wallet has been raised from S$30,000 to S$100,000.
The increases in the caps are aimed at facilitating greater customer convenience and innovation in the e-payments landscape.
Background
The Monetary Authority of Singapore (“MAS”) published a consultation paper on 18 October 2022 seeking feedback on proposals to increase the stock cap and flow cap on personal e-wallets, among other proposals. In its response published on 7 July 2023, MAS said that it would proceed with the proposals by H2 2023. For more information on the public consultation and response, please refer to our previous article titled “MAS issues response to feedback received from public consultation on proposed amendments to limits on personal payment accounts that contain e-money”.
Reference materials
The Payment Services (Amendment No. 2) Regulations 2023 are available on Singapore Statutes Online sso.agc.gov.sg.
