NETS is more than a payment solutions company
For 30 years, consumers and merchants in Singapore have adopted NETS as an efficient and secure method for paying and being paid. With 1 in 3 people using NETS for their everyday purchases, NETS has woven itself into the lives of Singaporeans as they travel, dine, shop and pay their bills across 91,000 acceptance points nationwide.
The story of NETS is in many respects the story of Singapore’s success. Founded in 1985 by a consortium of local banks, NETS’ suite of payment solutions has been introduced progressively to address the changing needs of Singapore and her people.
The road to a cashless society
With the introduction of the NETS debit service, Singapore took the first big step towards cashless payments. It marked the first time bank cardholders could pay with just a card and PIN. Today, the debit system is regarded to be one of the most successful in the world.
In 2011, the NETS debit system came under the purview of the Payment Systems (Oversight) Act by the Monetary Authority of Singapore. In 2014, the debit system was upgraded to integrate the EMV Smart Chip card technology, aligning NETS with the best-practice standards of the global industry.
As the ubiquitous local payment scheme, NETS has become an important part of our social fabric. The NETS debit infrastructure now enables 10 million debit cardholders from DBS, POSB, OCBC, UOB, Maybank, Standard Chartered and HSBC banks to use their cards islandwide for everyday payments.
At the NETS Card Centre, which is an ISO 9002, VISA and MasterCard certified centre, we personalise more than 4 million cards a year, including bank ATM cards, credit and debit cards, as well as NETS CashCards and NETS FlashPay cards.
At NETS, our consumers and merchants are at the heart of everything we do. As an industry thought-leader, we pride ourselves at being innovative and relevant at each stage of our consumers’ lifestyle and our merchants’ business growth plans.
NETS fulfils dual roles as both an acquirer and an issuer in the payments industry. As a card issuer, NETS issues CashCards and FlashPay cards for consumers to make payment through a variety of options. As a merchant acquirer, we constantly work with new and potential business owners to extend our reach of electronic points-of-sales (POS) nation-wide. These steps come together to enable us to achieve the reality of a cashless society in Singapore.
Moreover, we provide local and regional ATM switching services for banks and have also partnered with Malaysian Electronic Payment System (MEPS) in Malaysia to enable bilateral cross-border ATM withdrawal services. We work with UnionPay in China to enable its cardholders to make purchases and withdraw cash from ATMs in Singapore.
NETS is a member of the Asian Payment Network (APN) and a council member of UnionPay International. With the alliances, NETS positions itself as a significant player in the payments industry and an organisation that aims to foster growth and advancement in the payments network.
In the years ahead, we will continue to be a thinking organisation that makes payments simple, efficient and stress-free for consumers, merchants and partners.