NETS launches NETS Prepaid Card: its first ‘smart’ stored-value card for retail and transit
- Using NETS App, users can top up on-the-go, track and manage their household expenses with peace of mind as stored value on a NETS prepaid card can be retrieved even if the card is lost
- NETS Prepaid Card can be accepted at over 120,000 retail points in Singapore as well as for transit
- NETS Prepaid Card can also be customised as a gift card, providing recipients with the freedom to shop anywhere
Singapore, 22 November 2022 – Network for Electronic Transfers (NETS), Singapore’s leading payment services group, today announced the launch of the NETS Prepaid Card, its first ‘smart’ stored-value card for retail and transit. Consumers can use the card at over 120,000 acceptance points, making NETS Prepaid Card the stored value card with the largest number of acceptance points locally.
The wide acceptance together with smart features enabled by NETS App, makes the NETS Prepaid Card an ideal choice for families looking to better track and manage their household expenses, and the perfect gift card that can be tailored to consumers’ preferred value and design. Commuters can also link their NETS Prepaid Card to TransitLink SimplyGo app, an initiative to introduce contactless payments on trains and buses through the partnership with various payment schemes, to see their trip details.
Paying digitally in Thailand is now seamless and convenient for consumers. Singaporeans shopping at popular tourist attractions such as Chatuchak, MBK, Platinum Mall, and various bazaar markets can look out for the PromptPay acceptance mark, indicating that the merchant accepts QR payments through Thailand’s national PromptPay QR. They can also purchase BTS Skytrain tickets via PromptPay QR at ticketing kiosks.
Smart and secure contactless payment, with budget tracking capabilities for the family
Up to 10 cards can be linked to one NETS account through the NETS App, to access features such as topping up on-the-go, locking and requesting refund for remaining stored value for misplaced cards, setting daily spending limits, and monitoring transactions made on each card.
Users can easily top up their NETS Prepaid card via the NETS App through various means, which include NETS bank cards. The user’s preferred payment card can also be stored on-file to speed up the process. Once a NETS Prepaid Card has been linked to a NETS account, users can review the transaction history via NETS App and also configure auto top-up whenever the card balance dips below a certain amount.
Daily spending limits of up to S$1000 can be set for each card, which takes effect immediately and can be changed on the fly, making it an ideal stored value card to help family members and domestic helpers to pay digitally while ensuring that they stay within budget.
To help minimise possible fraud or abuse of the NETS Prepaid Card if it is misplaced, users can lock the card with the simple tap of a button on the NETS App. Locking and unlocking the card takes effect immediately and there is also an option to permanently terminate the NETS Prepaid Card to refund the stored value.
Lawrence Chan, Group CEO of NETS said, “The NETS Prepaid Card is part of our continued effort to connect communities and empower lives. Families will be empowered to take control of daily expenses as they can provide their dependants and domestic helper with contactless payment options that can be easily tracked. Additionally, this card can be quickly disabled if it is lost. This card is most valuable as it can be used at all NETS acceptance points and mass transit.”
The perfect card for retail and as a gift for friends and family
The NETS Prepaid Card is also an excellent gifting card as consumers can spend at any NETS accepting merchants for shopping or for public transport. Users are also not limited to fixed denominations in their gift cards and can top up auspicious numbers like $88, up to a cap of $100 per top-up.
Whether it be a nice cup of coffee at a café, some additional groceries at the supermarket, or a shopping spree at a nearby mall, the ubiquitous acceptance means that recipients of the NETS Prepaid gift card can spend it on their preferred options. From S$5, users can also customise the card face of their NETS Prepaid Cards at www.customcards.com.sg/nets-prepaid-card/.
Mr Sunny Quek, Head of Consumer Financial Services Singapore, OCBC Bank, said, “In light of the re-opening of borders and the return of travel, this cross-border payment arrangement is especially useful for our customers and is one that we are proud to be a part of. It addresses the everyday pain points that our customers face while travelling, by making payments more convenient and frictionless. This is the latest example of how the bank is investing in accelerating digital transformation to meet the needs of our customers, and we will continue on this trajectory.”
Hassle-free purchase, smooth public transport travel
Additionally, the NETS Prepaid Card can be used for public transport, allowing commuters to top up the card on-the-go instead of spending time queuing at physical top-up machines. The NETS Prepaid Card can also be topped up and managed via the NETS App, available on both Google Play and Apple App Store. Through the NETS App, users can also set up automatic top-ups for the card to ensure that there are always sufficient funds for their daily commute.
There is no minimum age or income requirement, no annual subscription fees and no credit checks for the purchase of the NETS Prepaid Card. Consumers can purchase the NETS Prepaid Card at 7-Eleven convenience stores, Buzz, Japan Home, Mustafa, Sir Handphone, TransitLink Ticket Offices at MRT stations and bus interchanges, NETS Customer Service Centre as well as Lazada and Shopee. The card will also be sold at Sunshine Star and J.B.I Trading from December onwards.