The license is for MasterCard and Maestro cards, and the online payment system can be implemented starting with March 2015.
The licensing procedures and the implementation of the online service can last between six and 12 months, according to the Ministry of Public Finance. MasterCard wants to carry out the procedure by the end of March 2015.
In recent news, MasterCard has partnered with three local financial institutions, DBS, OCBC and UOB to offer MasterPass in Singapore.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.