Network for Electronic Transfers (NETS), Singapore’s leading payment services group, has been working closely with banks and payment scheme providers to expand their payment options, that would enable more consumers to have access to NETS contactless payments.
Today, all bank cards in Singapore have the ubiquitous NETS PIN feature that enables consumers to make payments at retail outlets safely. In 2018, NETS launched its contactless “tap-to-pay” feature which offers consumers an even faster and more efficient method of paying – especially suited for micropayments.
Recent collaborations between NETS and industry partners have enabled more consumers to jump onto the NETS tap-to-pay ecosystem. Consumers today can tap to pay with NETS through various bank cards from leading banks such as DBS/POSB, HSBC, Maybank, OCBC and UOB. These bank cards include standalone NETS-only ATM cards as well as Debit Mastercard.
Earlier this month, NETS collaborated with Visa and the local banks to enable NETS contactless on existing contactless Visa Debit cards, in addition to PIN. With this collaboration, these cardholders can now choose to pay by NETS contactless without needing to change to a new card. With this initiative, almost everyone in Singapore with a NETS-enabled card can now tap to pay with NETS.
Lawrence Chan, Group CEO, said, “Contactless payments offer customers a faster and more seamless payment experience. Extending contactless payment to purchases that are traditionally paid by cash will bring more convenience to consumers and merchants. Consumers can now enjoy more payment options without the need to add another card to their wallets.”
Deepak Anandani, CEO of DD Pte Ltd which runs Valu$ chain stores concurred, “During peak periods, our cashiers are now able to serve more customers quickly and efficiently. Customers are also happy as they have more choice on how they can pay, it’s a win-win for everyone.”
With the ability to make small-ticket transactions below S$100 with a simple tap, NETS tap-to-pay saves time and offers a smoother payment experience. NETS has also seen a strong double-digit year-on-year growth for contactless transactions over the last three years, mirroring industry trends. The growth in contactless transactions reinforces an ongoing shift towards a cashless society, driven by the increasing adoption of contactless payment methods in Singapore and other similar services around the world.
* Information courtesy of NETS Singapore and Gloo *