Singapore’s leading payment services group, Network for Electronic Transfers (NETS), has signed a landmark agreement with Mastercard and Visa to acquire merchants directly in Singapore. As a result of the partnership, eligible merchants can now have access to a comprehensive range of digital payment schemes from a single payment service provider, NETS.
The move is expected to enhance the suite of digital payment options available to Singaporean merchants, who will now be able to accept NETS, Mastercard, and Visa payments via a single service provider. NETS already offers a payment scheme that allows merchants to accept overseas wallets and foreign card payments, including MyDebit, RuPay, BCA, WeChat Pay, BHIM, PromptPay, and Alipay+.
Small businesses with less than S$1,000,000 in annual turnover can enjoy competitive Merchant Discount Rates (MDR) for Mastercard and Visa payment schemes if they choose to expand their payment options in addition to NETS payment scheme.
The consolidation of payment schemes with NETS will simplify the merchant experience and reduce administrative hassles by providing a unified view of transactions across all payment options, while also offering a single settlement across NETS, Mastercard, and Visa. This is intended to help heartland business owners free up time to focus on growing their businesses.
Lawrence Chan, Group CEO of NETS, said: “We are constantly looking for ways to drive value-added solutions for our merchant partners. To do so, we are expanding our role to be an acquirer of choice to our merchants. NETS aims to be the single point of contact for all things payments for our merchant partners. Increasingly, consumers are opting to pay digitally, and NETS will continue to support our merchant partners with the relevant merchant solutions.”
Deborah Heng, Country Manager for Singapore at Mastercard, said: “Mastercard has been leading the drive into inclusive digital commerce in Singapore for many years with frictionless and secure payment solutions. Through this partnership, Mastercard and NETS will provide merchants, including SMEs which make up the majority of businesses here, with the convenience of fast and transparent payment experiences. Merchants will also enjoy access to a wider consumer base and greater visibility and management of funds.”
Adeline Kim, Visa Country Manager for Singapore & Brunei, said: “Singapore consumers prefer to use card payments over cash in Singapore. As shoppers increasingly rely on digital payments, it is fundamental for small business owners to accept digital payments to drive the growth of their businesses. We are proud to partner with NETS so that more Visa cardholders can pay with their cards or mobile devices at more shops, particularly those in the heartland areas which previously did not have card acceptance.”
Onboarding is swift, with most new merchants able to start accepting payments within five days or less. Existing merchants who already accept NETS can add Mastercard and Visa as payment options without needing to upgrade their payment terminals.
The partnership aims to encourage more merchants to accept a wider range of payment options while alleviating the hassle of dealing with multiple payment providers. It is hoped that consumers will have more places to use their preferred payment options, while merchants will attract more customers.
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