NETS was founded as a result of a need for a centralised
e-Payment operator by Singapore’s local banks: DBS,
Keppel Bank, OCBC, OUB, POSB, Tat Lee Bank and UOB.
NETS is now owned by DBS, OCBC and UOB. The first product
launched was the NETS EFTPOS (electronic fund transfers
at point-of-sale) service. This allowed Singaporeans to
use a card and a PIN number to automatically withdraw
funds from their bank accounts at points-of-sale.
NETS then introduced the shared ATM network in 1988. DBS,
Keppel Bank, OCBC, OUB, POSB, Tat Lee Bank and UOB cardholders
could use the ATM facilities of any of these banks.
In 1996, NETS introduced CashCards – a stored value
smart card for use in retail purchases. In 1997, all vehicles
in Singapore were fitted with special readers when the
CashCard was adopted as the sole payment mode for Singapore’s
road toll payment system. By simply driving under an electronic
gantry, toll charges are automatically deducted from the
driver’s CashCard - a fast, unobtrusive payment
mechanism that allowed traffic to keep flowing.
CashCards, which can also be used in every NETS EFTPOS-enabled
payment location, then proved to be the perfect solution
for car park payments. Today, 60 per cent of commercial
car parks in Singapore accept payment by CashCard.
NETS continues to develop new applications where it can
make payments faster and convenient.
With an eye to the future, NETS launched the eNETS product
range in 2001, allowing users to make payments online
using a virtual bank account, debit or credit card. To
give e-shoppers greater freedom and flexibility, NETS
has also developed solutions that allow consumers to make
payments using their mobile wireless devices such as mobile
phones and PDAs.
NETS is continually developing products that lead the
way in electronic payment technology, and provide more
choice for consumers and new opportunities for merchants
and partners. |
