NETS Revises Pricing For NETS CASHCARD

No impact on motorists as they can continue to use their existing cards; Special measures in place to help taxi drivers.

Singapore, 28 March 2008 – Singapore’s leading electronic payments provider, NETS, said today that the price of a NETS CashCard would include the cost of the card from 1 May 2008. Since the launch of NETS CashCard in 1996, NETS has issued over 4.5 million cards at no cost to Singapore motorists. The revised $10 price comprises $5 for the card cost and another $5 for the stored value amount. From 1 May 2008, the $10 NETS CashCards, which feature an Orange Laser design, will first be introduced at the major distributors like 7-Eleven and Cheers. The current Blue Butterfly design cards will continue to be sold at $7, while stocks last. NETS also announced that when the revised pricing takes effect, motorists would no longer need to pay a deposit for the purchase of the NETS CashCard. Currently, a refundable $2 deposit is payable for each NETS CashCard. The revised pricing of the NETS CashCard is as follows:

Pricing of NETS CashCard	At Present (Blue Butterfly Design)	From 1 May 2008 (Orange Laser Design)
Stored Value	$5	$5
Deposit	$2 (refundable)	$0
Card Cost	$0	$5
Card Price	$7	$10

Today, there are 4.5 million NETS CashCards in circulation, mainly held by approximately 800,000 motorists who use these cards for their toll and parking needs. The average motorist may have between three to five cards. Motorists with existing NETS CashCards can continue to use their cards.

NETS said the revised pricing helps to cover the cost to produce and fabricate each NETS CashCard. Since its introduction in 1996, the cost of the cards issued has been borne by the local banks. The revised pricing is also in line with prevailing market practice of other stored value cards in Singapore.

To make it more convenient for taxi drivers to obtain a NETS CashCard, NETS will make available a NETS CashCard to each taxi driver through their taxi companies.

Commenting on the revised pricing, Ms Yvonne Fong, Vice President for NETS CashCard, said, “The price revision will have no impact on motorists as they can continue using their existing NETS CashCards. In addition, for groups like taxi drivers, we have taken the effort to ensure easy availability of NETS CashCards.”