Singapores electronic payments provider NETS 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.
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.
UOB is targeting to roll out the card at the time of launch in fourth quarter of this year.
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.
D.C.