NETS introduces multiple-coupon programme on one card.
Programme set to fuel cashless payments in the Republic with Toast Box first to adopt programme.
Singapore – NETS today announced the launch of RSVP, a new prepaid discount programme that is set to revolutionalise the payments landscape in Singapore.
RSVP, or Retailer Stored Value Programme, allows merchants to implement their prepaid discountprogramme on theFlashPay platform instead of issuing paper coupons or redemption cards. The discount can be in the form of items or rebate dollars.
The move is anticipated to spur cashless payments in the Republic as it allows retailers to roll out prepaid coupon programmes on the Flashpay card and terminals, without having to invest in any physical coupons, cards or backend IT infrastructure to administer the programme.
Up to 20 different merchants per card
Each FlashPay card can store RSVP from up to 20 different merchants, which means that consumers need only carry one card to enjoy discounts from multiple retailers. This same card can also be used for public transportation and other retail purchases.
Said Alvin Seck, Senior Vice President, Merchant Services, NETS, "Today, many retailers have prepaid coupon programmes where customers can purchase goods and services in bulk to enjoy discounts. However, many still rely heavily on the printing of paper coupons and their staff to administer the programme. With RSVP, retailers eliminate printing costs and reduce staff's administrative burden as they can monitor the programme via an online portal."
RSVP ideal for everyday merchants such as Toast Box
RSVP is ideal for everyday merchants who offer coupon promotions for customers to purchase prepaid consumables such as cups of coffee/tea or snacks such as muffins and sandwiches. The coupons are issued and redeemed via NETS terminals.
Toast Box, the first user of the RSVP service, saw the first batch of its 5,000 Kopi Cards sell out a week after it was launched in November 2014. Retailing at $18.80 each (inclusive of card fee), the smart card comes with 12 cups of Kopi/Teh, which equates to savings of up to $4.80 for customers. Subsequent top-ups of the card costs $16.80. The Kopi Card can be purchased at all Toast Box outlets, except those in Food Republic.
“Our previous Kopi vouchers programme was very successful but tedious to administer as our staff had to manually count the vouchers for daily reconciliation. This was on top of having to print and store physical vouchers. With RSVP, we’re able to reduce paper usage and administrative work. Customers also appreciate that they do not have to bring stacks of vouchers around anymore. Plus, they can also use the Kopi Card as their daily transportation card,” said Mr Vincent Lim, Regional GM Bakery ASEAN.
Food Junction to roll out programme next
NETS is working with a number of retailers to roll out RSVP. Food Junction will be implementing RSVP later this month at its foodcourts with the launch of the Food Junction FlashPay Card. Consumers will receive RSVP$22 for every $20 purchased, which can be used for all purchases at any Food Junction foodcourt.
How does it work?
Purchase RSVP at participating merchants. RSVP will be stored on your FlashPay card for redemption.
How do I redeem my RSVP?
Place the card on the FlashPay reader to redeem your item/rebate.
How many RSVP merchants can I store on my card?
Your FlashPay card can store RSVP items/dollars from as many as 20 different merchants.
How do I check my RSVP balance?
You may check your RSVP balance via the FlashPay Reader app (available on Google Playstore) or at the respective merchant outlet.
Is the RSVP balance the same as my FlashPay balance?
No, there are 2 different stored value purses on your FlashPay card.
The FlashPay purse balance is a public purse that can be used to pay for your transport, ERP, EPS and retail purchases.
The RSVP purse balance is a private purse that can only be used to pay for your purchases from a specific retail merchant.