New Nets app to allow payment by mobile phone
Just sync your ATM card with new Nets app to make payments at 100,000 acceptance points by next year
Nets will soon let you use your mobile phone to make payments.
This will involve syncing your ATM card with the new Nets app NetsPay - that will be launched by mid-October - the payments provider announced yesterday.
Payments are done by scanning a QR code or tapping your phone on a Nets terminal.
Nets said all its six partner banks - DBS, OCBC, UOB, HSBC, Maybank and Standard Chartered - will be involved, but did not specify a timeline.
DBS and OCBC said they will roll out NetsPay by the end of the year.
UOB will be enabling its customers to make contactless NETS payments before the end of this year.
By next year, all 100,000 Nets acceptance points in Singapore will accept contactless Nets ATM cards and Nets QR codes.There are 30,000 such acceptance points and it will double to 60,000 by the end of the year.
At a media briefing yesterday, Nets also outlined its plans to introduce its QR code payment method at new acceptance points such as vending machines and car parks.
The Nets QR code payment method can soon be used on e-commerce sites which traditionally accept credit card payments.
These online merchants can now benefit from the same Nets transaction fees - capped at 0.8 per cent - as brick-and-mortar merchants.
This comes after Nets announced last Saturday that it will roll out standardised QR code payment options to 30 hawker centres by the end of this year.
Nets chief executive Jeffrey Goh said it plans to target 30,000 more cash-based merchants in the heartlands but admitted that it will take about "four to five years" before mass adoption takes place.
The 32-year-old cashless payment system, which mostly involves PIN-based debit transactions, introduced contactless FlashPay cards for tap-and-go payments in 2009.
Customers can now also make payments with the Nets QR code if they have one of these three apps - DBS' PayLah, OCBC's Pay Anyone and UOB's Mighty.