Think cashless payment in Singapore and invariably NETS comes to mind as the leader in payment innovations.
From the ubiquitous NETS Cashcard (stored-value payment) to electronic point-of-sales (NETS Debit), NETS has brought a range of new payment enhancements to the market since its founding in 1985.
From the early days of developing the shared ATM network in Singapore, the company has continued to innovate with new payment services, which now enable users to pay online (eNETS) and on mobile phones (mNETS).
Partnered by more than 15,000 merchants in Singapore, NETS offers payment services that help them target different markets, gain more customers and increase transactions.
The NETS CashCard, for instance, is the most widely accepted multi-purpose stored value device in the Republic, while NETS’ wholly owned subsidiary eNETS is Singapore’s largest online payment gateway with a footprint extending across the Asia-Pacific.
NETS has also provided inter-connectivity with international payment networks. In January 2005, its partnership with China Union Pay paved the way for Singapore merchants to access a cardholder base of more than 300 million in China.
NETS is also casting its net in similar ventures with other countries, such as Malaysia and Vietnam, as part of its regional expansion strategy. These initiatives will leverage on NETS’ recognised expertise in electronic payments by involving related initiatives such as payment processing.
To encourage consumers to join the cashless revolution, NETS has also implemented customer reward programmes, which are pegged to the use of its various payment services. The NETS Privilege Programme, its latest consumer-centric initiative, lets users enjoy on-going discounts and privileges at participating merchants, as well as exclusive warehouse and event sales. Consumers are informed of these promotions through monthly electronic direct mailers, NETS’ website, print advertisements and point-of-sale collaterals at participating merchant outlets.
Today, NETS continues to develop products that lead the way in electronic payment technology, providing more choices for consumers and new opportunities for merchants and partners. With these initiatives in place, NETS looks set to become the Asian Payment Powerhouse for its merchants, partners and consumers. |
Innovating Payments
NETS Debit
A nationwide infrastructure that enables consumers to make purchases at retail counters using their ATM cards. This service is recently expanded with the Wireless NETS Debit service, enabling a merchant to move a wireless terminal right to a consumer’s doorstep. Through NETS Debit, NETS is pioneering the way towards a more convenient, cash-free society. Just three years ago, 55% of all transactions were cash; today, it is down to 40%.
NETS CashCard
With some 6.5 million active cards in circulation, the NETS Cashcard is one of the most commonly accepted prepaid stored value card in Singapore. Used extensively for retail purchases, traffic tolls for the Electronic Road Pricing System (ERP), and car park fees, NETS CashCard serves as a convenient payment method for transactions ranging from as little as S$0.01 to S$500, eliminating the need to carry cash. The stored value card can also be personalised with a photo or name on the NETS website. This means consumers can easily make their own cards, while merchants have a unique opportunity to create customised gift cards.
Moving forward, NETS can tie the NETS CashCard to a bank account or credit card, initiating an auto top-up facility for cardholders and children or consumers who do not own a bank account. NETS is also introducing a contactless card for quick service merchants and private label cards that are customised with a specific loyalty programme, e-purse and secure settlement service.
Mobile Payments – mNETS
mNETS is a new service that NETS is offering on the mobile platform to benefit consumers and merchants. There will be many innovative consumer and merchant services to be introduced soon, but NETS will first launch the mNETS Wallet and mNETS Coupon as a trial.
The technology, which transforms an NFC-enabled phone into a mobile wallet, is known as Near Field Communications (NFC). Making a payment is as simple as tapping the NFC-enabled phone on a NETS FlashPay contactless reader. A mobile wallet that is installed on the NFC-enabled phone stores “electronic cash” that is utilised for payment.
NETS and SingTel are jointly conducting a trial in Singapore where selected participants are provided with NFC-enabled handsets. These participants are able to top-up their mobile wallets with a SingTel-UOB Platinum Credit Card and then use it for payment at any of the participating merchants with a NETS FlashPay contactless reader.
Trial participants can make payment with their NFC-enabled phones at over 500 participating merchants who display the NETS FlashPay decal or merchants with NETS FlashPay contactless readers.
Internet Payments - eNETS
eNETS is the leading online payment gateway in Singapore, offering online credit card and direct debit products. It enables payment from all major International credit cards as well as online direct debit (Internet banking payments) from the largest banks in Singapore and China. The solutions serve a broad range of merchants, including multinational corporations, government agencies and sole proprietors.
eNETS provides merchants with greater flexibility by accepting most major credit and charge cards. It also offers different front-end options, including a merchant’s own payment page, virtual terminal, and a customisable order and payment page for merchants that do not have a shopping cart. At the same time, eNETS offers periodic payments which allow merchants to collect sales proceeds through monthly installments or for recurring plans.
eNETS also offers Direct Debit, which enables Internet Banking users to make payment from their bank account on a real-time basis. As no credit cards are involved, this product is useful for the youths who may not hold a credit card. Besides, this product protects merchants from credit card fraud, as it requires the consumer to authenticate himself using his Internet Banking PIN, UserID and token.
Currently, all users of DBS/POSB, UOB or Citibank Internet Banking can pay for goods and services via eNETS’ Direct Debit service. This translates to a coverage of more than 90% of all Internet Banking users in Singapore. eNETS Pte Ltd, a wholly-owned subsidiary of NETS, has wholly owned subsidiaries in Malaysia, Hong Kong and Macau, which enable the company to serve regional customers.
Financial Transaction Processing
Established recently to provide business processing outsourcing services to the financial industry, such as card production services, financial transaction switching services and backroom processing services. In a little over a year, NETS has become Singapore’s leading card personalisation services provider.
Having achieved ubiquity and a strong base in Singapore, NETS is now expanding beyond Singapore and building a reputation as Asia’s premier electronic payment partner. NETS has partnered with companies in Asia, including China, Hongkong and South East Asia to create new business opportunities, deploy and operate electronic payment systems and link existing payment systems across borders.
Subsidiaries
eNETS Pte Ltd
A wholly owned subsidiary of NETS, eNETS is the first online payment gateway of its kind in Singapore. At eNETS, online payments are made via credit cards or directly debited between Singapore and China Internet banking accounts. The merchants served include multi-national corporations, government agencies as well as sole proprietors. This innovation provides a wider range of online and phone-based payment solutions for customers.
Astute Pte Ltd
Founded by a team of experienced bank operations and technology professionals, Astute focuses mainly on Terminal Management for NETS clients. This means loading NETS terminals with customised software and deploying them at locations specified by NETS merchants. The software undergo stringent quality assurance to ensure that the terminals go live without a glitch. The terminals are also regularly maintained by a dedicated team of professionals.
Astute's solutions have enabled its clients to reduce costs and manual processes associated with maintaining and expanding their transaction processing systems.
Headquartered in Singapore, Astute serves a diverse client base. With the assistance of partners like technology vendors and regional systems integrators, Astute strives to increase customer satisfaction and loyalty by delivering value and building long-lasting relationships with its clients.
Astute is also exploring business opportunities in the region with its Payment Solutions arm.
International Markets
China Union Pay
In January 2005, NETS combined forces with China Union Pay (CUP) to make it possible for Chinese visitors to make payment and/or withdraw cash from their own accounts in China through ATMs throughout Singapore using their China-issued bank cards.
This service effectively allows NETS, its merchants and shareholder banks to tap on the Chinese cardholder base with more than 165 issuers in China.
Malaysian Electronic Payment Provider
NETS joined hands with MEPS to provide a cash-withdrawal service for both country’s cardholders when they cross borders. Travellers now have ready access to the respective currencies via a pervasive network of ATMs in Malaysia and Singapore without the hassle of buying and selling notes.
This is expected to translate into higher visitor spending and stronger sales for merchants, helping to boost economic exchange between the two neighbours.
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