Singapore – 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.
