Target to roll out NETS QR Code payment to 30 hawker centres before year-end
Singapore, 9 September 2017 — NETS, Singapore’s leading payment solutions provider, and the Tanjong Pagar Market & Food Centre (TPFC) today unveiled a simple, secure and convenient payment solution to empower the centre to become the first-of-its-kind in Singapore to accept Quick Response (QR code) payments.
The NETS QR code is a standardised QR code able to accept payments from different banking apps including DBS Paylah!, OCBC's PayAnyone and UOB's Mighty, with plans to include other payment wallets in future. This means that hawkers only need one NETS QR code to accept multiple payment types. NETS also provides hawkers with a single settlement report that consolidates all the different payment types, giving hawkers a holistic view of all of their collections in one report.
This pioneering initiative, which supports Singapore's Smart Nation Vision, is part of a concerted drive to convert about S$1 billion in cash-based transactions taking place across 6,000 hawker and food stalls in Singapore every year to a cashless environment.
The TPFC, located in the heart of the Central Business District, is a strong draw for both residents and office workers in the area and is likely to give the drive towards cashless payments a big boost.
Under the arrangement with TPFC, NETS will install QR codes for payments. Consumers can easily make quick payments through OCBC's PayAnyone and UOB's Mighty banking apps (and DBS Paylah from mid-Nov 2017). Terminals will also be installed to notify hawkers of successful transactions and accept payments via NETS and FlashPay cards.
The adoption of NETS QR code payment solution by TPFC was announced earlier today at an event officiated by Senior Minister of State for Law and Finance and Tanjong Pagar Group Representation Constituency Member of Parliament Ms Indranee Rajah.
NETS CEO, Mr Jeffrey Goh said: "NETS' DNA from its inception has been about driving cashless payments to deliver greater efficiency and productivity for both merchants and consumers. This collaboration with the Tanjong Pagar Market & Food Centre is groundbreaking because it is the first association of hawkers in Singapore to wholeheartedly adopt a QR code payments solution throughout the Centre.
"As consumers start to demand more of such cashless payment options, we hope that this initiative will provide the impetus for other hawker associations to realise the benefits of adopting a cashless solution and take quick steps to adopt one," he added.
Tanjong Pagar Plaza Market & Cooked Food Centre Association Chairman, Mr Benson Low, said: "Our Association, in collaboration with NETS, started walking the ground enthusiastically several months ago with the goal of rolling out cashless payment solutions using QR code. We actively updated and encouraged our stall owners and operators to support the adoption. We are delighted to be the first hawker centre to offer QR code payment acceptance throughout the centre.”
Following this launch, NETS will be rolling out a nationwide consumer campaign to inform, educate and drive acceptance of cashless payments among consumers over the next few months. Visit www.nets.com.sg for more information.
Launch event photos available here. Credit all photos to "NETS".