Singapore’s leading payment services group, Network for Electronic Transfers (NETS), has been working closely with banks and payment scheme providers to increase access to its contactless payments. With the launch of its tap-to-pay feature in 2018, NETS has been able to offer consumers a faster and more efficient method of paying for micropayments. Recent collaborations between NETS and industry partners have enabled more consumers to join the NETS tap-to-pay ecosystem.
Consumers can now tap to pay with NETS through various bank cards, including standalone NETS-only ATM cards and Debit Mastercards. NETS has also collaborated with Visa and local banks to enable NETS contactless on existing contactless Visa Debit cards, allowing cardholders to choose to pay by NETS contactless without changing to a new card. With this initiative, almost everyone in Singapore with a NETS-enabled card can now tap to pay with NETS.
Lawrence Chan, Group CEO of NETS, said, “Extending contactless payment to purchases that are traditionally paid by cash will bring more convenience to consumers and merchants. Consumers can now enjoy more payment options without the need to add another card to their wallets.” The move towards contactless payments has been gaining momentum in Singapore and around the world, with strong double-digit year-on-year growth for contactless transactions over the last three years.
NETS tap-to-pay saves time and offers a smoother payment experience, allowing consumers to make small-ticket transactions below S$100 with a simple tap. Deepak Anandani, CEO of DD Pte Ltd which runs Valu$ chain stores, said, “Customers are happy as they have more choice on how they can pay, it’s a win-win for everyone.”
The growth in contactless transactions reinforces an ongoing shift towards a cashless society, driven by the increasing adoption of contactless payment methods in Singapore and other similar services around the world. With the collaboration between NETS and its industry partners, more consumers in Singapore will have access to the benefits of contactless payments.
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