Singapore Pools will absorb the transaction fees for all e-payment options, including Nets and PayNow, from Nov. 11.
The operator had previously imposed a longstanding 10-cent PayNow fee for each transaction.
A 20 cents fee was charged for using Nets.
This included bet placement and prize claims.
In a media statement on Nov. 11, the Association of Banks in Singapore (ABS) said it welcomed the decision, which came after a joint review by ABS, Singapore Pools, and its partners.
It also came after a review of Singapore Pools' existing contracts, which allowed for the recovery of processing costs charged by partners for services.
PayNow intended to be free for consumer use
ABS, which owns the PayNow scheme, has rules prohibiting merchants from imposing surcharges on customers who want to utilise the service for payments.
The ABS re-emphasised in its statement: "PayNow is intended to be provided free to consumers choosing the speed and convenience offered by PayNow when making payments"
eNets payments temporarily suspended
In the statement, Singapore Pools said it will absorb the transaction fees for PayNow and other e-payment options, including Fast and Nets.
The transaction fee for using Fast was 10 cents.
It is also working with partners to absorb the eNets transaction fees.
However, eNets payments will be suspended temporarily until further notice, as significant system and operational changes are required.
Surcharge practice implemented before ABS rules
When queried about the duration of the 10-cent surcharge collection, the amount collected and if it intended to refund customers, Singapore Pools stated that the 10-cent surcharge was introduced before the surcharge prohibition rules by ABS, reported .
He said the major retail banks waive transaction fees for payments received by merchants from end-consumers, while merchants are charged a minimal fee if additional services, such as notifications for funds received, are used.
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