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Media Releases

NETS Expands DEBIT Payment Network

HSBC becomes latest QFB to join network that allows foreign bank debit cardholders to enjoy same level of payment convenience as other bank customers.

Singapore — NETS today announced that HSBC debit cardholders will enjoy the convenience of making NETS payments at 87,000 acceptance points island-wide, with effect from 23 June 2015.

HSBC is the latest foreign bank offering its debit cardholders this payment capability, after Standard Chartered Bank and Maybank. This allows HSBC debit cardholders to tap into Singapore’s most widely used payment network, with 10 million cardholders.

The announcement also comes as NETS’ charter to build a cashless society culminates in its 30th year in 2015. The NETS Debit service was launched in 1986 to enable participating banks’ cardholders to pay for purchases electronically at the point-of-sale.

The network is today one of the most successful worldwide in terms of the number of acceptance points and has played a key role in promoting e-payments across all sectors including taxis, retail, groceries and bill payments. Eighty percent of retailers in shopping centres and sixty percent of neighbourhood retailers accept NETS. The company is also at the forefront of the move towards promulgating mobile and virtual payments.

Said Jeffery Goh, CEO of NETS: “We welcome HSBC to our EFTPOS network. The move will allow HSBC debit cardholders to pay for purchases electronically at all NETS acceptance points across the island, including top-up stations at all carparks and transit stations. The NETS debit network is open for participation by all QFBs and we look forward to more participation from the QFBs.”

Matthew Colebrook, HSBC Singapore’s Head of Retail Banking and Wealth Management, said: “This is a significant milestone for HSBC’s retail banking business in Singapore. We aim to put our expertise and global reach to work to meet our clients’ needs, and the launch of NETS for our debit cardholders is a significant step in achieving this strategy.”

The latest announcement comes as NETS introduces a slew of initiatives to encourage cashless payments in Singapore, including its RSVP and vcashcard services.

HSBC becomes latest QFB to join network that allows foreign bank debit cardholders to enjoy same level of payment convenience as other bank customers.