NETS Introduces Singapore’s Most Innovative Contactless
Debit Card For Transit, ERP, Car Park Payments and Retail
Purchases
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 society
Singapore, 9 April 2009 - 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 Services.
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 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.