A recent written Parliamentary question in Singapore asked whether the Monetary Authority of Singapore tracks the size and proportion of banks’ revenues linked to Visa and Mastercard interchange fees, network incentives, and co-branding arrangements.
Beyond the headline, what does this signal for merchants?
It reflects a wider, global theme in payments:
📍Greater scrutiny of how card costs are set, and where value and margin sit across the chain
📍Growing interest in transparency, not only on headline merchant service charges, but on the underlying components
📍Recognition that incentives and commercial arrangements can influence pricing outcomes over time
For merchants, the practical implications are straightforward.
☑️First, the headline rate rarely tells the full story.
Interchange, scheme fees, processing, gateway charges, and FX can each move independently.
☑️Second, incentives can make pricing harder to compare.
Two providers can quote similar rates while delivering different net outcomes once ancillary charges and settlement profiles are included.
☑️Third, regular benchmarking remains the most reliable control.
A structured review helps ensure costs stay aligned with current market levels, especially as fee structures evolve.
Across more than 3,000 client projects, BB Merchant Services has found that savings are often achievable through clarification of fee components and disciplined renegotiation, without necessarily changing provider.
When were your card and FX costs last reviewed on a fully itemised basis?
