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NETS Introduces Singapore’s Most Innovative Contactless Debit Card For Transit, ERP,
By Joyce See/ NETS
Dated: Apr 09, 2009
New NETS contactless debit card reflects leading local banks DBS, OCBC and UOB joint commitment to
giving their deposit customer base a superior debit product, and driving Singapore’s vision of a cashless
Singapore – Singapore’s leading electronic payments provider NETS today announced the ultimate card for
consumers in Singapore. Together with Singapore’s leading local banks, DBS, Oversea Chinese Banking
Corporation (OCBC) and United Overseas Bank (UOB), NETS will be rolling out a card that combines the
functions of a debit card and NETS CashCard.
This allows customers to use just one card for their cashless payment needs from the time they leave their
homes - to pay for road tolls, for public transport, for shopping, for bill payments, for car park fees and
even for a good car wash.
One of the unique features of the card is that consumers can do a top up anywhere anytime when
performing a transaction. What this means is that when the stored value of the NETS CashCard component
is below the minimum amount, at the time of making a payment using this card, a top up alert is triggered
on the terminal as well. Consumers can do a top up at that retail point. The top up will be direct from the
customer’s debit account. Hence, customers can enjoy the ultimate convenience of always having enough
money for all their everyday needs.
Today, NETS has more than 35,000 acceptance points throughout the whole of Singapore. It strives to
achieve a near 100% acceptance as a result of offering this solution for small value payments.
The strong commitment from the three banks to issue the cards has made this introduction possible.
"Over the years, DBS has been a leader in providing cashless convenience to all Singaporeans by
developing innovative payment solutions through both POSB and DBS. Our collaboration with NETS in
this effort will allow us to bring another high quality everyday convenience to our customers. The
widespread payment convenience this card offers underscores the neighbourhood banking our customers
already enjoy with our extensive network of ATMs and subsidiary AXS Stations", said Rajan Raju,
Managing Director & Head of DBS Consumer Banking Group.
"Customer convenience has always been one of the pillars driving OCBC Bank's business. Our
participation in this initiative will add depth to our suite of convenient banking services for our customers.
This card will help them to consolidate their purchases in one card and alleviate the anxiety of not having
sufficient funds in the card." said Mr Andrew Lee, OCBC Bank's Head of Global Consumer Financial
UOB is targeting to roll out the card at the time of launch in fourth quarter of this year.
Mr Eddie Khoo, Head (Personal Financial Services) said, "UOB is always committed to making life easier
for our customers through innovative and quality products. This cooperation with NETS is consistent with
our customer philosophy to bring convenience to our customers, even in their daily lives. The secure auto
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top-up takes the hassle out of not having enough value in the card to pay for purchases."
“This innovative payment card gives us the first mover advantage and it will set the standard for future
debit cards to be integrated the same way. In essence, the card allows NETS to permeate almost every area
of common consumers’ life, fulfilling our vision of giving them greater control over their spending. This
new card embodies everything that we have sought to do, in giving consumers the convenience to make
payment and top up anywhere,” says NETS Chief Executive Officer, Poh Mui Hoon.
Jointly with DBS, OCBC and UOB, NETS will also break new ground by enabling the card for use for
small value payments. For e.g. the Rasa Rasa 24-hour coffee shops, Old Chang Kee snack shops, food
courts and hawker centers in and around heartland areas. By accomplishing this, consumers can do away
with carrying loose notes and coins.
Keeping in line with consumer convenience and needs, NETS has embarked on moving its top up
terminals into its consumers’ homes. Today residents at Tanglin View, Lakeholmz and Maplewoods can
now top up their CashCards anytime, any day without leaving home. Another 120 more private
condominiums are expected to house the same NETS services on their properties by this year. The same
service is currently being extended to HDB parking as well. “NETS’ island-wide top up strategy and ever
expanding merchant acceptance are key drivers to our success to be a better partner to our stakeholders and
merchants,” says Ms Poh.
NETS was founded in 1985 to operate and manage an on-line debit payment service pioneering Singapore’s
shift to a cashless society. It has since grown to a multi–service organisation, providing a comprehensive
range of electronic payment services.
Based in Singapore, NETS is relentlessly developing new payment solutions as it aims to be the preferred
world-class solutions provider for payment and processing services, accepting multi-media and
multi-channel transactions on behalf of companies, institutions and individuals worldwide. With a growing
range of payment services that works seamlessly across mobile, wireless and physical arenas, NETS is
poised to become the integrated payment gateway for Asia.
Find more information on NETS and its payment services at http://www.nets.com.sg.
Category Business, Consumer, Technology
Tags cashless, contactless, debit card, cashcard, nets
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