NETS Introduces Singapore’s Most Innovative Contactless Debit Card For Transit, ERP, Carpark Payments and Retail
(NewDesignWorld Press Release Center) -- Singapore, Thursday, 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.
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About NETS
NETS was founded in 1985 to operate and manage an on-line debit payment service pioneering Singapore’s shift to a cashless society. It has since grown to a multi–service organisation, providing a comprehensive range of electronic payment services.
Based in Singapore, NETS is relentlessly developing new payment solutions as it aims to be the preferred world-class solutions provider for payment and processing services, accepting multi-media and multi-channel transactions on behalf of companies, institutions and individuals worldwide. With a growing range of payment services that works seamlessly across mobile, wireless and physical arenas, NETS is poised to become the integrated payment gateway for Asia.
Find more information on NETS and its payment services at http://www.nets.com.sg.
About DBS
DBS is one of the largest financial services groups in Asia with operations in 16 markets. Headquartered in Singapore, DBS is a well-capitalised bank with "AA-" and "Aa1" credit ratings that are among the highest in the Asia-Pacific region.
As a bank that specialises in Asia, DBS leverages its deep understanding of the region, local culture and insights to serve and build lasting relationships with its clients. DBS provides the full range of services in corporate, SME, consumer and wholesale banking activities across Asia and the Middle East. The bank is committed to expanding its pan-Asia franchise by leveraging its growing presence in mainland China, Hong Kong and Taiwan to intermediate the increasing trade and investment flows between these markets. Likewise, DBS is focused on extending its end-to-end services to facilitate capital within fast-growing countries in Indonesia and India.
DBS acknowledges the passion, commitment and can-do spirit in each of its 15,000 staff, representing over 30 nationalities. For more information, please visit www.dbs.com.
About OCBC Bank
OCBC Bank is Singapore’s longest established local bank. It has assets of S$181 billion and a network of more than 480 branches and representative offices in 15 countries and territories including Singapore, Malaysia, Indonesia, China, Hong Kong SAR, Brunei, Japan, Australia, UK and USA. This network includes more than 370 branches and offices in Indonesia operated by OCBC Bank’s subsidiary, Bank OCBC NISP. OCBC Bank and its banking subsidiaries offer a wide range of specialist financial services, from consumer, corporate, investment, private and transaction banking to treasury and stock-broking services to meet the needs of its customers across communities.
OCBC Bank’s insurance subsidiary, Great Eastern Holdings, is the largest insurance group in Singapore and Malaysia, in terms of assets and market share, and its asset management subsidiary, Lion Global Investors is one of the largest asset management companies in Southeast Asia. Additional information may be found at www.ocbc.com.
About United Overseas Bank
United Overseas Bank Limited (UOB) is a leading bank in Singapore with a strong presence in Asia. It provides a wide range of financial services through its global network of over 500 offices in 18 countries and territories in Asia Pacific, Western Europe and North America, including banking subsidiaries in Singapore, Malaysia, Indonesia, Thailand and mainland China.
In Singapore, UOB is a market leader in the credit and debit cards business, and the private residential home loan business. It is also a leading player in loans to small and medium-sized enterprises. Its fund management arm, UOB Asset Management, is one of Singapore's most awarded fund managers.
UOB is rated among the world’s top banks by Moody’s Investors Service, receiving B for financial strength, and Aa1 and Prime-1 for long-term and short-term bank deposits respectively.
UOB also plays an active role in the community, focusing on children, education and the arts. It has organised the prestigious Painting Of The Year Competition and Exhibition since 1982, and supports Very Special Arts Singapore that provides art programmes for the disabled. In recognition of its contributions to the arts, UOB has been conferred the National Arts Council‘s Distinguished Patron of the Arts Award for the third consecutive year. UOB has also established the annual UOB Heartbeat Run to raise funds for charity. Please visit uobgroup.com for more information.
For further media queries, please contact:
Joyce See, Vice President, PR & Corporate Communications
DID : (65) 6374 0535
E-mail: joycesee@nets.com.sg
Network For Electronic Transfers (Singapore) Pte Ltd
298 Tiong Bahru Road #04-01/06
Central Plaza
Singapore 168730
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