NETS collaborates with industry partners to broaden customers' contactless payment options
NETS has seen a strong double-digit y-o-y growth for contactless transactions over the last three years.
Network for Electronic Transfers (NETS) has further expanded the contactless payment options for its customers, allowing participating Mastercard and Visa debit cards to be used for its contactless payments locally.
Through recent collaborations between NETS and industry partners, customers can now tap to pay with NETS through cards from banks such as DBS/POSB, Maybank, OCBC Bank
O39 and UOB
U11. These bank cards include standalone NETS-only ATM cards as well as debit Mastercard.
NETS have also collaborated with Visa and local banks to enable NETS contactless on existing Visa debit cards, in addition to the NETS PIN feature. This allows cardholders to choose to pay by NETS contactless without needing to change to a new card.
“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,” says NETS group CEO Lawrence Chan.
NETS has seen a strong double-digit y-o-y growth for contactless transactions over the last three years, mirroring industry trends. 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, the company says.
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