The annual limit and maximum wallet amount are part of the requirements under the Payment Services Act (PSA), which SimplyGo Pte. Ltd. as a licensed Major Payment Institute is required to comply with.
The EZ-Link Wallet is a digital wallet that allows you to keep prepaid electronic money (“Balance”) in the SimplyGo app. Hence, SimplyGo Pte. Ltd. is required to comply with the limits set by the Monetary Authority of Singapore on the EZ-Link Wallet, to protect users and to prevent misuse.
The EZ-Link Wallet can hold up to a maximum value of SGD$500.
For users who have completed the user identification process via MyInfo using the SimplyGo app, the EZ-Link Wallet will be upgraded and can hold up to a maximum value of SGD$5,000.
As the EZ-Link Wallet is regulated by the Monetary Authority of Singpaore (MAS), SimplyGo Pte. Ltd. has to comply with the set wallet and transaction limits and perform user identification processes according to MAS regulations.
By knowing the identity of each EZ-Link Wallet user, we are able to create a secure platform by mitigating the risks of fraud, identity theft, money laundering and other illicit activities.
EZ-Link Wallet users can perform top-ups up to a limit of SGD$30,000 on an annual rolling basis. Your top-up will also be declined if you have already exceeded your annual top-up limit.
Your annual top-up limit will be calculated on an annual rolling basis and will be tracked starting from the day on which you perform your first top-up to your EZ-Link Wallet. Thereafter, your annual top-up limit will reset after every cycle of 365 calendar days from the day on which your first top-up to your EZ-Link Wallet was performed.