New rules for e-payments: 5 things to note when using e-payment services

More people are using e-payments in everyday locations such as hawker centres. The MAS guidelines aim to encourage vigilance when making such transactions.
More people are using e-payments in everyday locations such as hawker centres. The MAS guidelines aim to encourage vigilance when making such transactions.ST FILE PHOTO

A new set of e-payment guidelines will kick in on June 30, making reckless e-payment users fully liable for unauthorised transactions if they cannot prove they have taken steps to protect themselves.

The rules - dubbed E-Payment User Protection Guidelines - may serve as a reference for the Payment Services Act, which may take effect by the end of the year. Fraud is a rising concern as more people now use e-wallets such as PayLah, NetsPay, GrabPay and Singtel Dash on their smartphones, and it is an area that the Monetary Authority of Singapore hopes to address adequately in the coming months.

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A version of this article appeared in the print edition of The Straits Times on May 02, 2019, with the headline 'New rules for e-payments'. Subscribe