NETS Group
Who we are
NETS Group is a leading payments services group comprising three entities – NETS, Banking Computer Services (BCS) and NETS Solutions. We empower consumers, merchants and banks to enjoy and deliver digital payments across the entire payments value chain.
Manage and operates
Singapore’s national payment system
Equally owned by Singapore’s three largest banks
Founding member of the Asian Payment Network and UnionPay International
Manage and operates Singapore’s national payment system
Equally owned by Singapore’s three largest banks
Founding member of the Asian Payment Network and UnionPay International
Vision
Towards a Cashless Society
We opened our doors in 1985 with the aim of establishing infrastructure, systems and services to facilitate electronic banking services and financial payments. Since then, we have stood at the forefront of cashless payments in Singapore, continuously innovating over the years to capitalise on technological advancements and keep ahead of changing consumer needs.
Our earliest service offerings comprised Interbank GIRO, which enabled the public to pay their bills electronically, and the NETS debit scheme, where consumers could make retail purchases with just a card and PIN. These marked the start of a journey that has spanned over 30 years and has seen the introduction of numerous cashless payment innovations to Singapore’s economy.
Today, NETS is an integral part of daily life in Singapore, providing innovative and diverse digital payment solutions, including NETS contactless payment, digital payments overseas as well as NETS QR payment, online and in-app payment. From shopping and transport, to transferring money and paying bills and fees, NETS ensures that each payment is made swiftly and securely every time.
Solutions
A full suite of payments and financial processing services
The Group provides a full suite of payments and financial processing services including direct debit and credit payments at point-of-sale (NETS) and online (eNETS, in-app payments), QR payments (NETS QR), card services (Prepaid, Motoring card), electronic funds transfer (FAST, Paynow, GIRO) and cheque processing services (CTS).
1. Payment Network
NETS operates Singapore’s national debit scheme that enables customers of major banks to make payments with physical or contactless ATM cards as well as mobile devices. The participating banks include DBS Bank/POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank and UOB.
The nationwide acceptance infrastructure is the largest in Singapore.
More than 130,000
acceptance points in Singapore including major retailers, food courts, hawker centres, convenience stores and supermarkets
54,000
Unified POS terminals (which accept NETS, NETS FlashPay, NETS QR, debit and credit cards such as VISA, Mastercard, American Express, UnionPay and JCB)
96,000
QR acceptance points (for payments via NETSPay, DBS PayLah!, OCBC Digital and UOB TMRW)
NETS Bank Card
With the new generation of NETS Bank Cards, we’re doing away with the hassle of entering the PIN. Consumers can simply tap to pay with our contactless-enabled cards.
NETS QR Code
Accepts payments from different mobile apps including DBS PayLah!, OCBC Digital and UOB TMRW – giving merchants the convenience of only displaying one QR code for multiple payments.
eNETS
Allows consumers to make online and mobile payments via direct debit or credit cards at merchant websites or mobile apps.
NETS In-App Payment
This option for mobile payment delivers security and convenience, as consumers as consumers can add their NETS Bank Card on selected merchant’s mobile app and easily complete their mobile payments with just a simple click.
2. Card Services
NETS Prepaid Card
Introduced in 2022, NETS Prepaid Card is the latest payment card for public transport travel and everyday expenses. As a modern alternative to cash, it can be used for various purposes – from traveling to shopping, dining, gifting and managing expenses with dependants or foreign domestic workers.
NETS Motoring Card
Launched in 2021, NETS Motoring Card, which operates on NETS FlashPay technology, facilitates the payment of ERP, checkpoint toll and car park charges. It is also compatible with the future on-board-unit for the next generation ERP system.
NETS FlashPay Card
Contactless, multipurpose and easy to use, the NETS FlashPay card is commonly used for motoring charges, retail purchases at all NETS terminals island-wide and public transport travel.
3. Merchants Solutions
Today, our merchant network comprises 39,000 partners. NETS provides merchants with payment acceptance solutions across diverse channels (in-store, online and mobile), as well as a collection of other value-added services (Digital Receipt Management Systems, Integrated POS Solutions, self service solutions, loyalty solutions, motoring solutions).
NETS POS Terminals
Unified POS Terminals
QR Acceptance Points
Online / Mobile Acceptance
Aimed at improving cashflow, NETS merchants can receive their funds the next working day. They can also easily access their daily transaction and reconciliation reports online via the NETS Merchant Portal or on-the-go through the NETSBiz mobile app.
4. Electronic Funds Transfer
At NETS Group, we manage and operate the clearing and payment infrastructure for the Singapore Clearing House Association as well as the core electronic transfer services of FAST, eGIRO, Inter-bank GIRO and PayNow.
GIRO
An electronic direct debit mechanism, GIRO is widely used by consumers to pay bills such as public sector fees and charges, seasons parking charges, and telecommunications and utilities fees to Singapore government agencies and other billing organisations. A substantial portion of recurring charges incurred by households in Singapore, such as for personal income tax and school fees, is made through GIRO.
FAST (Fast And Secure Transfers)
Introduced in 2014, FAST was designed to meet growing demand from consumers and businesses for faster, more efficient fund transfers. Offered by 18 banks, it allows for real-time transfers of Singapore Dollar funds from one participating bank to another in Singapore. A testament to its success, FAST was named the 1st runner-up for the Most Innovative Use of Infocomm Technology (Private Sector – General) at the 2014 National Infocomm Awards.
PayNow
This enhanced peer-to-peer funds transfer service uses individuals’ mobile numbers or Singapore identification numbers to send and receive money instantly from one bank to another using FAST. It is available to customers of 7 participating banks – Citibank, DBS Bank/POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank and UOB – which make up about 90 per cent of retail transaction volumes.
5. Clearing House
6. Payment and Processing Solutions
Innovating diverse digital payment solutions
From in-app to QR based payment, our solutions make daily transactions a tap, scan or click away.
With a tap
NETS Contactless is the new generation of contactless-enabled NETS Bank Card.
Enables fast, seamless, and secure transactions.
Accepted for retail and transit payments.
With a scan
NETS QR enables convenient mobile payment by scanning NETS QR codes using the preferred bank app.
Types of NETS QR code:
- Dynamic QR on a NETS POS terminal screen
- Static SGQR label at the cashier
- Online QR at web check-out page
With a click
NETS Click allow consumers to use their NETS bank card for purchases within a merchant’s third party app.
Some of our current partners:
- ComfortDelgro
- Singtel
- Pick & GO
- AXS
- NUSmart Dining
- kcutGO
When overseas
DBS/ POSB, OCBC and UOB bank wallets and NETS cards issued in Singapore can be used to make overseas payments.
Travellers can enjoy competitive foreign exchange rates and zero currency conversion fees.
Milestones
Over 30 years of empowering Singapore’s cashless economy
Track Record
Our track record of pioneering firsts
First in
Southeast Asia
to deliver instant payments (FAST) based on ISO20022
First in
Asia
to create a nationwide Electronic Clearing System and to Implement a Real Time Gross Settlement (RTGS) system
First in
The World
to introduce an electronic prepaid card scheme on nationwide basis (CashCard), to tokenise a domestic card scheme to third party mobile platforms (NETS in-app payment), and to deliver an image-based cheque truncation system (CTS)
Our Awards
Over the years, NETS has garnered numerous accolades from the payment industry and the corporate community in recognition of our high standards of excellence. Our recent awards include:
Digital CX Awards for NETS Click
Best Customer Experience – Debit Card (Highly Acclaimed)
Outstanding Customer Experience for Digital Payments (Highly Acclaimed)
SBR Technology Excellence Award
Fintech – Payments
Named Best Employer
Kincentric
Lead HR Practice Award in Total Rewards
The Singapore HR Awards
Asia Pacific Risk Management
Team of the Year
StrategicRISK
Core Values
Our Purpose and Values
Connecting Communities, Empowering Lives
As a leading provider of digital payment services and related technology solutions in Singapore, NETS operates a widely entrenched network that connects merchants, financial institutions, corporate customers and consumers.
Our Core Values
Do the Right Thing
We act with honesty, transparency and courage to uphold our values.
Connect & Contribute
We work collaboratively and contribute generously to achieve common goals.
Keep it Simple
We create simple solutions by breaking complexities.
Take Ownership
We hold ourselves accountable for our words, actions and commitments.
Reflect & Reinvent
We continuously reflect, learn and change to improve.
Do the Right Thing
We act with honesty, transparency and courage to uphold our values.
Connect & Contribute
We work collaboratively and contribute generously to achieve common goals.
Keep it Simple
We create simple solutions by breaking complexities.
Take Ownership
We hold ourselves accountable for our words, actions and commitments.
Reflect & Reinvent
We continuously reflect, learn and change to improve.
Leadership
Our Leadership Team
Lawrence Chan
Group Chief
Executive Officer
Jocelyn Ang
Group Chief Corporate Services Officer
Desmond Goh
Chief Financial Officer
Pamela Tan
Group Chief
Marketing Officer
Stephen Lee
Group Chief Risk and
Compliance Officer
Leow Yuen Fong
Group Head, Human Capital
Management
Daryl Teo
Group Head, Legal & Secretariat and Company Secretary
Ricky Lim
Chief Executive Officer
Banking Computer Services Pte Ltd
Saw Choo Tatt
Chief Executive Officer
NETS Solutions Pte Ltd
Susan Hwee
Chairman
Sunny Quek
Director
Shee Tse Koon
Director
Eddie Khoo
Director
Melvyn Low
Director
Jeremy Soo
Director
Lum Yin Fong
Independent Director
Tan Kah Chye
Independent Director
John Yong
Independent Director
Lawrence Chan
Executive Director
