Network for Electronic Transfers (Singapore) Pte Ltd (Abbreviation: NETS; Chinese: ????????????) was founded in 1985 by a consortium of local banks to establish the debit network and drive the adoption of electronic payments in Singapore.
NETS is designated as a national payment system by the Monetary Authority of Singapore.
NETS is owned by Singapore's largest banks, DBS Bank, Oversea-Chinese Banking Corporation Bank (OCBC) and United Overseas Bank (UOB).
NETS is a member of the Asian Payment Network (APN) and a council member of UnionPay International.
Video Network for Electronic Transfers
Singapore's national debit network
NETS operates Singapore's national debit scheme enabling customers of DBS Bank/POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank and UOB to make payments using their physical/contactless ATM cards or mobile devices at more than 100,000 acceptance points in Singapore including major retailers, food courts, hawker centres, convenience stores and supermarkets.
The nationwide acceptance infrastructure is the largest in Singapore and includes 35,000 Unified Point-of-Sale (Unified POS) terminals (which accept NETS, NETS FlashPay, debit and credit cards such as VISA, Mastercard, American Express, UnionPay and JCB) and 30,000 QR acceptance points (for payments via NETSPay, PayLah!, Pay Anyone and Mighty).
In 2011, NETS' debit system was designated as national payment system by the Monetary Authority of Singapore (MAS) in view of its importance to the financial system in Singapore.
Maps Network for Electronic Transfers
Card services
NETS issues two multipurpose stored value cards - the CashCard and the FlashPay card.
Singapore was one of the first countries in the world to introduce an electronic prepaid card on a nationwide basis with the CashCard. It was adopted as the sole payment mode for Singapore's famed road toll payment system (Electronic Road Pricing) in 1997 with the introduction of the in-vehicle unit and continues to be used widely for motoring payments (toll, car park and ERP charges).
The CashCard was upgraded in 2015 with the launch of the NETS vCashCard, allowing motorists to pay for their ERP charges using their credit/debit cards (issued by all local banks) without the need for a physical stored value card.
The contactless NETS FlashPay card is a multipurpose card that can be used for public transportation (MRT/LRT, public buses and taxis), retail purchases at all NETS terminals island-wide, and motoring charges.
The FlashPay platform also enables merchants to deploy their own loyalty programmes using the same card. The Retailer Stored Value Programme (RSVP) enables merchants to issue prepaid items/dollars on the NETS FlashPay card which can be topped up or redeemed at NETS terminals. RSVP is capable of storing items/dollars from up to 20 different merchants, reducing the need for consumers to carry numerous coupon cards in their wallets.
NETS operates an ISO 9002, VISA and MasterCard-certified card centre that personalises more than 5 million cards a year, including ATM, credit and debit cards as well as the CashCard and NETS FlashPay card.
Payment Solutions
NETS EFTPOS
NETS EFTPOS is a nationwide infrastructure that enables DBS, HSBC, Maybank, OCBC, POSB, UOB and Standard Chartered Bank customers to make purchases at points-of-sale using their ATM cards. The NETS EFTPOS service is available at 100,000 acceptance points throughout Singapore.
NETS Unified POS
NETS Unified POS was introduced to accept contact/contactless, credit and debit payments on one terminal. The terminal accepts NETS, NETS FlashPay, debit and credit schemes such as VISA, MasterCard, American Express, UnionPay and JCB, cards issued by partnering banks (e.g. BCA bank), as well as NFC-enabled mobile wallets like Apple Pay, Android Pay and Samsung Pay. NETS Unified POS can be integrated with loyalty programmes, prepaid services and point-of-sale via Electronic Cash Register interface.
eNETS
eNETS is an online payment gateway services. It enables payment from all major credit cards and currencies as well as Direct Debit (internet banking payments) from the major banks in Singapore and China, including DBS (Singapore and Hong Kong), UOB, OCBC, Citibank and BNU.
NETS eCommerce
NETS eCommerce was launched in 2016 to provide a quick and affordable end-to-end solution to set up webstores. The solution is integrated with secured payment options using eNETS Debit and Credit.
NETSWave, NETS QR, and NETSPay
NETSPay is a digital wallet app. Launched in October 2017, it introduces 2 new payment options, NETSWave (NETS Contactless) and NETS QR. NETSWave is supported on Android devices via NFC and HCE, and NETS QR is supported on Android & iOS devices via QR code. ATM cardholders can digitise their bankcards with the app, replacing the debit card chip and PIN transaction at point-of-sale terminals that have been upgraded to accept contactless and QR code payments. Fingerprint ID or passcode authentication is required to access the app, with a user configurable session timeout. No PIN is required for transactions below $100. Contactless NETS ATM cards will be launched from the first quarter of 2018.
CashCard
NETS introduced the CashCard in 1995. The CashCard is a stored value card that is predominantly used as a payment mode for Singapore's Electronic Road Pricing (ERP) and car park charges since the introduction of the in-vehicle unit in 1997. CashCard can also be used for retail purchases.
vCashCard
In May 2015, NETS launched vCashCard, a virtual wallet for road tolls payment that allows motorists to drive through Singapore's Electronic Road Pricing (ERP) gantries seamlessly. Road toll payments are automatically charged to their bank accounts or debit/credit cards. With NETS vCashCard, motorists do not need to worry about forgetting to insert a physical CashCard/FlashPay into the in-vehicle unit or having insufficient value in the CashCard/FlashPay and paying unnecessary ERP admin fees. Motorists can sign up for auto top-up service and view their ERP transactions at the vCashCard website or NETS vCashCard app from App Store or Google Play.
FlashPay
The Singapore Government launched CEPAS 2.0 (Contactless e-Purse Application), a Singaporean specification of a common standard for electronic money smart card, in 2009. The transit market was opened to more issuers where NETS participated and introduced NETS FlashPay card on 9 October 2009.
FlashPay is a multi-purpose contactless stored value smart card that can be used for a huge variety of quick payments at/on - MRT/LRT, public buses, taxis, ERP gantries (with the new generation in-vehicle unit), car parks (which have been upgraded to accept CEPAS-compliant cards) and 97,000 retail acceptance points island-wide.
In October 2010, NETS launched the Auto Top Up service for the NETS FlashPay card, allowing commuters to automatically top up the value on their cards to a predetermined amount (S$30, S$40 or S$50) when it runs low or when there is insufficient stored value on the card to make payment at all MRT and LRT stations, public buses, ERP gantries and EPS (upgraded) carparks.
ATM Switching Services
NETS provides local and regional ATM switching services for banks. NETS partnered with Malaysian Electronic Payment System (MEPS) in Malaysia to enable bilateral cross-border ATM withdrawal services, and UnionPay in China to enable its cardholders to make purchases and withdraw cash from ATMs in Singapore.
See also
- Monetary Authority of Singapore
References
External links
- NETS Official Website
- Personalised Photo CashCard & FlashPay Card
- Customised Corporate Logo CashCard
Source of the article : Wikipedia
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